Class Action Settlement Proceeds With Bank Of America Credit Protection Service Customers

Back in August 2012, Bank of America agreed to pay $20 million to settle a class-action lawsuit about alleged deceptive marketing with its credit protection services. Also in August, the bank announced that it had decided to independently stop accepting new customers for its credit protection services and to terminate its credit protection services in 2013.

Recently, a relative received the postcard below from Gilardi & Company LLC, the administrator for the class-action settlement. Because the reply mechanism with the postcard asked for sensitive personal information, that relative asked me to investigate:

Gilardi has set up www.creditprotectionsettlement.com for consumers who subscribed to a credit protection service from Bank of America between January 1, 2006 and July 17, 2012. You may be eligible for a payment, which could be $50 or $100 depending upon your situation. You must submit a claim to receive payment. Key upcoming deadline dates:

• December 13, 2012 to opt out of the settlement agreement
• December 13, 2012 to submit objections about why you do not like the settlement agreement
• January 14, 2013: Fairness Hearing
• February 26, 2013 to submit a claim

Comments

[Ree]

What would be the benefit of opting out of the settlement agreement?

[denzil lynch]

dear / sir madam i dont if this right amount of money iam geting before i cash the check