Schwartz v. Citibank (South Dakota), N.A., Universal Bank, N.A. and Universal Financial Corp.
I don't know anything about the case*, but I was "identified as a member of the class," so I got a check for $0.12! Not quite as profitable as some of my other class action participation, but $0.12 never hurt anyone! (It will take only 185 years for it to be worth $1,000, assuming a 5% rate of return!)
While writing this post, I decided to look into it a bit, and found out the following:
Schwartz Settlement
The case involving Citigroup, Schwartz v. Citibank (South Dakota) N.A., focused on Citibank (South Dakota)’s requirement that card payments be received by 10:00 a.m. in order to be credited as of that day. Citigroup's Cards business also agreed as part of a settlement to move its cut-off time from 10:00 a.m. to 1:00 p.m. The Cards business agreed to create a settlement fund of $18 million, most of which will be distributed automatically to cardholders and to make a cash payment of approximately $9 million for attorneys fees and costs. In addition, the Cards business agreed to provide educational mailings to its credit card customers and post information on its Internet website regarding the methods by which customers can pay their statements. The Cards business values the change in cut-off time, as well as the educational mailings and internet education sites, at approximately $18 million. As noted above, the issues raised by the litigation have been satisfactorily resolved and concerned only a small part of Citigroup’s Cards business.
Comments
You got 400% more than I did. I received a check in the amount of $0.03. They added a note that funds remaining from uncashed checks will go to charity. I think the laugh value is better than the cash value so I intend to frame mine and let charity have the dough - LOL!
Posted by: David | May 26, 2004 4:20 AM