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7. How Much Will My Settlement Payment Be?
The amount of your settlement payment depends on whether you are a Dispute Resolution Claimant or seeking recovery under the Statutory Damage Fund (see the Plan of Allocation for details). If you are a Dispute Resolution Claimant, the amount of your payment will also be affected by whether you submit the
Short Claim Form or the
Long Claim Form.
If you are NOT a Dispute Resolution Claimant, you may make a claim against the Statutory Damage Fund by submitting the
Statutory Damage Fund Claim Form. The Statutory Damage Fund provides compensation for potential statutory damages under the Electronic Fund Transfer Act ("EFTA"), 15 U.S.C. §§ 1693 et seq. Statutory damages under the EFTA are limited by law to no more than $500,000 for any class of individuals claiming the same "failure to comply." Under the Settlement, the parties negotiated the Plan of Allocation designating $1 million to be distributed equally among those who make timely, valid claims. The amount of your payment will depend on the number of claims made.
If you ARE a Dispute Resolution Claimant, you may choose whether to submit the Short Claim Form or the Long Claim Form.
The Short Claim Form allows you to receive an automatic payment for providing a minimal amount of information. If you make a timely, valid claim using the Short Claim Form, you will receive a payment of $50, unless the amount needed to pay all of the Short Form claims exceeds the Short Form Fund. In that case, the Short Form Fund of approximately $2.15 million will be divided equally among all Short Form Claimants. If the amount needed to pay all of the Short Form claims is less than the amount of the Short Form Fund, the money left over will be added to the Long Form Fund.
The Long Claim Form is intended for people who believe that they have larger claims and want to provide detailed information and supporting documentation. If you make a timely, valid claim using the Long Claim Form, an independent, court-approved claims administrator will evaluate your claim and determine the amount you should receive. In making this determination, the claims administrator will take into account the amount of damages you claim; the nature of your complaint; the quality of the supporting documentation you provide; your recoverable damages; the probability that you would be successful on your complaint if presented in a court of law; and such other factors that the claims administrator considers relevant. A retired judge who served as the mediator in this case will oversee and approve the methodology and procedures used by the claims administrator. If the amount needed to pay all of the Long Form claims is less than the amount of the Long Form Fund, which is approximately $2.15 million, the money left over will be added to the Short Form Fund.
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