Navy Federal Credit Union is a financial institution based in Washington, DC, that has recently settled a class action lawsuit for violations of the D.C. Consumer Protection Procedures Act. The lawsuit alleged that Navy Federal failed to provide adequate notices to owners of repossessed vehicles, stored the vehicles outside of the District of Columbia or the owner's residence, and charged excessive repossession and storage fees. As part of the settlement, Navy Federal has agreed to pay a total of $800,000, which includes a settlement fund for class members and fees for court-appointed lawyers.
The settlement will result in cash payments of at least $748.12 for each class member, and certain members will also receive tradeline deletion and deficiency balance waivers. Class members have the option to exclude themselves from the settlement or object to it by writing to the court. The court will ultimately decide whether to approve the settlement, and payments will be made once the settlement is approved and any appeals are resolved.
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