Abramson v. Affinity Federal Credit Union

The lawsuit that is being settled is entitled Abramson v. Affinity FCU. It is pending in the United States District Court for the District of New Jersey, Case No. 3:20-cv-13104-MAS-ZNQ. The case is a “class action.” That means that the “Class Representative,” Jenny Abramson, is an individual who is acting on behalf of current and former accountholders who were assessed certain Retry NSF Fees. The Class Representative has asserted claims for breach of the account agreement and breach of the implied covenant of good faith and fair dealing, as well as violation of the New Jersey Consumer Fraud Act.

Defendant does not deny it charged the fees the Class Representative is complaining about but contends it did so properly and in accordance with the terms of its agreements. Defendant therefore denies that its practices give rise to claims for damages by the Class Representative or any Settlement Class Members.

You received a Notice because Defendant’s records indicate that you were charged one or more Retry NSF Fees that are the subject of this action. The Court directed that a Notice be sent to all Settlement Class Members because each such member has a right to know about the proposed Settlement and the options available to him or her before the Court decides whether to approve the Settlement.

If you received a Notice, Defendant’s records indicate that you are a member of the Settlement Class who may be entitled to receive a payment or credit to your Account.

You have three options: (1) do nothing and receive a payment or credit according to the terms of this Settlement; (2) exclude yourself from the Settlement (“opt out” of it); or (3) participate in the Settlement but object to it. Each of these options is described in a separate section below.

There is no deadline to receive a payment or credit. If you do nothing, you will get a payment or credit.

The deadline for sending a letter to exclude yourself from or opt out of the Settlement is August 10, 2023.

The deadline to file an objection with the Court is also August 10, 2023.

Current members of Defendant will be sent a credit to their accounts for the amount they are entitled to receive.

Former members of Defendant will be sent a check from the Settlement Administrator. The check will be sent to the address used to provide Postcard Notice of the settlement, or at such other address designated by the Class Member. Checks must be cashed within 180 days.

Class Members entitled to forgiveness of Uncollected Fees shall receive this benefit automatically.

Defendant has agreed to create a Settlement Fund of $500,000. As discussed separately below, attorneys’ fees, litigation costs, and the costs paid to a third-party Settlement Administrator to administer the Settlement (including mailing and emailing notice) will be paid out of the Settlement Fund. The Net Settlement Fund will be divided among all Settlement Class Members entitled to Settlement Class Member Payments based on a formula described in the Settlement Agreement.

Class Counsel will request the Court to approve attorneys’ fees of not more than one-third of the Value of the Settlement and will request that it be reimbursed for litigation costs incurred in prosecuting the case. The Court will decide the amount of the attorneys’ fees and costs.

At the time of the Fairness Hearing, Class Counsel requested that the Class Representative be paid a Service Award not to exceed $5,000.00 for her service to the entire Settlement Class.

The balance of the Settlement Fund after attorneys’ fees and costs, the Service Award, and the Settlement Administrator’s fees, also known as the Net Settlement Fund, will be divided among all Settlement Class Members entitled to Settlement Class Member Payments in accordance with the formula outlined in the Settlement Agreement. Current Account Holders of Defendant will receive a credit to their Accounts for the amount they are entitled to receive. Former Account Holders of Defendant shall receive a check from the Settlement Administrator.

Settlement check distribution to class members will commence on November 17, 2023.

All reissue requests must be sent in writing to the Settlement Administrator. Reissue requests are not accepted by phone. Please send your reissue request to the following mailing address:

Abramson v. Affinity FCU
Settlement Administrator
P.O. Box 4436
Portland, OR 97208-4436

If the name of the Settlement Class Member on the check should be changed, or if you need to update your address, please send in documentation, as applicable, according to the following checklist:

• Name Change – If your name has changed, please provide documentation showing this to be the case, which can include documents such as a marriage certificate or court papers indicative of a name change.
• Deceased Settlement Class Member – If the Settlement Class Member indicated on the check is deceased, please submit acceptable documentation showing that you are the beneficiary of his or her Estate. Acceptable documentation may be a death certificate, together with the pertinent portion of the Will, or Court Order/Letters Testamentary naming you as Personal Representative, Administrator, Executor, or Executrix.
• Incapacitated Settlement Class Member – If the Authorized claimant cannot act on his or her own behalf, acceptable documentation is a Power of Attorney, or guardianship or custodial paperwork.
• Closed Account / Changed Account – If the account name (name and representative) is no longer active, please provide documentation of the account closure or transfer to a new broker or custodian.
• Address Update- To request a replacement check be mailed to you at an updated address, please mail a signed, written request, asking that a replacement check be reissued and mailed to you. Please also indicate your current and former mailing addresses.

For reasons of security, a check reissue cannot take place until either the original check is received back by us, a mailing has been returned to us as undeliverable, or until the original stale date of the check has passed or expired.

The deadline to request a check reissue is February 26, 2024.

The deadline to exclude yourself was August 10, 2023.

Objecting is telling the Court that you do not believe the Settlement is fair, reasonable, and adequate for the Settlement Class and asking the Court to reject it. You can object only if you do not opt out of the Settlement. If you object to the Settlement and do not opt out, you are entitled to a payment for a Retry NSF Fee if the Settlement is approved, but you will release claims you might have against Defendant. Excluding yourself, or opting out, is telling the Court that you do not want to be part of the Settlement and do not want to receive a payment for a Retry NSF Fee or release claims you might have against Defendant relating to the claims alleged in this lawsuit.

The deadline to object to the settlement was August 10, 2023.

No. Class Counsel will answer any questions the Court may have. You may attend if you desire to do so. If you have submitted a timely and valid objection, the Court will consider it, whether or not you attend.

The Court held a Fairness Hearing at 2:00 p.m. on September 19, 2023, at the United States District Court for the District of New Jersey, which is located at 402 E State St, Trenton, NJ 08608. At this hearing, the Court considered whether the Settlement is fair, reasonable, and adequate.

The Court ordered that the lawyers and their law firms referred to in the Notice as Class Counsel will represent you and the other Settlement Class Members.

No. Class Counsel will be paid directly from the Settlement Fund.

The Court will be asked to approve the amount of attorneys’ fees at the Fairness Hearing. Class Counsel will file an application for attorneys’ fees and costs and will specify the amount being sought, as discussed above. You may review a physical copy of the fee application here once available.