To: All U.S. residents who took one or more FastLoan deposit advances from Bank of Arizona, Bank of Arkansas, Colorado State Bank and Trust, Bank of Kansas City, Bank of Albuquerque, Bank of Oklahoma and Bank of Texas (“BOKF”) between April 26, 2012 and May 31, 2014 and repaid those FastLoans in full prior to 30 days.
A federal court authorized this notice. This is not a solicitation from a lawyer.
A Class was recently certified by Judge Blackburn of the U.S. District Court for the District of Colorado. This Notice explains the nature of the lawsuit and informs you of your legal rights and obligations.
On April 23, 2014, Leland Small initiated the above-captioned suit (“the Action”) against BOKF. The Action asserted class-wide violations of the Truth in Lending Act, 15 U.S.C. § 1601 et seq. The primary issue raised by this lawsuit was whether or not BOKF understated the Annual Percentage Rate (“APR”) on FastLoan deposit advances that were repaid prior to 30 days. Specifically, Plaintiff alleged that the 120% APR that BOKF disclosed before and after FastLoans were taken was not accurate for FastLoans repaid earlier than 30 days. For FastLoans repaid earlier, Plaintiff alleged the APRs were actually much higher.
Defendants denied all of the claims and raised a number of defenses. BOKF did not agree or admit that it was liable for any claims in this lawsuit or caused any damages.
The Court ruled in favor of the Plaintiff, ruling on summary judgment that BOKF had violated the Truth in Lending Act in two different ways. The Court held that BOKF’s 120% APR representation prior to a loan’s issuance in FastLoan disclosure materials was inaccurate, as was the APR disclosure on bank statements after a FastLoan was paid off. Specifically, the Court held that “defendant’s reliance on a thirty-day term to express the APR was misleading and constituted a failure to provide the best information available to help consumers compare the costs associated with the FastLoan program to other available products. Moreover, the reiteration of this same 120% figure on each monthly bank statement plaintiff received plainly was inaccurate.”
At the same time, the Court certified a Class as follows:
All BOKF customers residing in the United States who received FastLoan advances between April 26, 2012, and May 31, 2014, and whose FastLoan advances were fully repaid fewer than 30 days from origination.
Members of this class may be entitled to damages, in an amount to be determined by the Court.
The Court also appointed the law firms of Tycko & Zavareei LLP and Stueve Siegel Hanson LLP as Class Counsel. You can hire your own attorney, but you do not have to.
The Court will determine the amount of damages that BOKF must pay to the Class.
You have two options.
First, you can participate in the class-wide damages distribution. If you do so, you will receive a portion of the damages awarded by the Court. Please note, however, that Plaintiff in this case is seeking statutory damages only under the Truth in Lending Act. These damages are capped a $1 million per violation, and the total damages must be divided between Class Members. Because there were two violations in this case, there will be no more than $2,000,000 in damages distributed to the class members who participate. There are approximately 28,000 potential Class Members, so any recovery you receive will be divided among several thousand other persons. If you remain in the Class, you will be giving up your rights to sue BOKF on your own for violations of the Truth in Lending Act.
Second, you can decide to “opt-out” of, or exclude yourself from, the Class.
If you exclude yourself and thus choose not to participate in the settlement class, you will have the right to bring an individual lawsuit on your own behalf against BOKF if you bring it within the time allowed by law. If you brought such a lawsuit and won you might recover a larger amount of money than you will receive under this class settlement. If you lose your own lawsuit, however, you will recover nothing.
If you opt-out, you will be reserving your right to sue BOKF on your own for violations of the Truth in Lending Act. A court has already determined BOKF violated TILA; you may be able to rely up this finding in any lawsuit you initiate on your own. Please note, you may be eligible to receive a significantly higher recovery if you pursue litigation outside of the Class. That is because, in an individual lawsuit, you may be eligible to recover both statutory damages and actual damages (i.e., the damages you personally incurred as a result of BOKF’s violations), as well as your attorneys’ fees. If you lose your own lawsuit, however, you will recover nothing.
If you do nothing, you will remain in the Class and will be accepting the first option. If you would like further information, please contact Class Counsel at the number listed below.
If you do not want to participate in the Class settlement, you must notify the Class Administrator, in writing, at the following address: BOKF Exclusions P.O. Box 3719, Portland, OR 97208-3719. You must state in writing that you wish to be excluded from the Class, and mail your letter so that it is postmarked by February 23, 2015.
If you do not provide proper notice that you wish to exclude yourself, object, intervene or appear either on your own or through your own attorney, you will be represented at no cost by attorneys for the Plaintiff and the Class in all further court proceedings.
If you would like more information about this Notice or this litigation, you may contact Class Counsel as follows: Hassan Zavareei or Jeffrey Kaliel, 1828 L Street NW, Suite 808, Washington, D.C. 20036, telephone 202-973-0900.
Please do not call the Judge or Clerk of the Court. They will not be able to give you advice about this case.