$37.3M LDF Lending Companies Class Action Settlement

Unsplash | Published: January 21, 2025

Claim Form Deadline: N/A

Payout: Debt Forgiveness

Proof required: No

What's the LDF Lending Companies Class Action?

A $37,350,000 class action involves claims against officials of the Lac de Flambeau Band of Lake Superior Chippewa Indians and other entities and individuals associated with the LDF Lending Companies. The lawsuit alleges that these entities made and collected loans with annual interest rates exceeding state law limits or without required licenses, making the loans illegal, deceptive, or unfair under various state and federal laws. The loan company defendants deny all allegations.

The loan forgiveness settlement will forgive approximately $1.4 billion in outstanding debt. This debt forgiveness applies to all consumers residing within the United States who executed loan agreements with any LDF Tribal Corporation between July 24, 2016, and October 1, 2023. These consumers are part of the class action settlement and will have their outstanding loan balances reduced to zero.

What is the Total Settlement Amount?

The total settlement amount is $37,350,000.00. Additionally, the settlement includes the cancellation of approximately $1.4 billion in outstanding debt.

How Do I Qualify For a Payout?

To qualify for a payout, you must be a member of the class action, which includes all consumers residing in the United States who executed loan agreements with any LDF Tribal Corporation between July 24, 2016, and October 1, 2023. If you received a notice, you are likely a member of the official settlement class.

How Do I Find Class Action Settlements?

Find all the latest class actions you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

How Much Can I Get Paid?

The amount you may be able to get paid depends on the payments you made on your loan and the applicable state laws. Payments are categorized into three tiers based on the state of residence and the amount paid:

• Tier 1: Full repayment of the principal amount in certain states.
• Tier 2: Payments above the legal interest limits in other states.
• Tier 3: No cash payments for residents of Nevada and Utah.

How Do I File a Claim?

You do not need to file a claim to receive the benefits of the settlement. Payments will be provided to qualifying LDF Tribal loan forgiveness class action settlement automatically.

Do I Need Proof to File a Claim?

No, you do not need to provide proof or file a claim to receive the benefits. The settlement administrator will handle the distribution of benefits based on the records provided by the LDF Tribal Corporations.

Claim Form Website: Consumer Loan Settlement

Submit Claim

Filing Class Action Settlement Claims

Please note that your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. By providing this information and your sworn statement of its veracity, you agree to do so under the penalty of perjury. You would also be harming others that actually qualify for the class action settlement. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website below. OpenClassActions.com is only providing information and is not a class action administrator or a law firm. OpenClassActions is a participant in the Amazon affiliate advertising program and this post may contain affiliate links, which means we may earn a commission or fees if you make a purchase via those links.

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