Washington, DC: A class action settlement has been reached in a class action lawsuit pending against Citibank (South Dakota), N.A. ("Citibank" or "Defendant) in the United States District Court for the Central District of California (styled Hoffman v. Citibank (South Dakota), N.A., Civil Action Case No. SACV 06-571 AJG (MLGx)) alleging, among other things, that Citibank improperly imposed increased interest rates on Citibank credit cards customers due to delinquency or default without giving prior notice, according to the Citibank class action settlement notice.
The proposed Citibank settlement reportedly provides that Citibank will establish a settlement fund of $10 million. Citibank settlement class members who timely submit a valid claim form will reportedly receive a check for the lesser of $18 or an equal share of the settlement fund after payment of settlement costs, including certain notice and administration costs and attorneys' fees and costs.
The Citibank credit card interest rate class action lawsuit settlement class reportedly includes the following persons, unless otherwise excluded:
All persons who, between May 5, 2002 and May 24, 2010, had a credit card account with Citibank (South Dakota), N.A., or its predecessor Citibank USA, National Association, and who paid periodic finance charges that were assessed from the beginning of a billing period in which the periodic rate was increased as a result of a default or delinquency that occurred before August 20, 2009.
The deadline to opt out of (i.e., exclude yourself from) the Citibank credit card class action settlement or to object to the settlement is reportedly November 8, 2010.
The Court is scheduled to hold a class action settlement hearing to consider an award of attorneys' fees and costs to class counsel and payment to Plaintiff for her services as class representative.
For more information on the Citibank credit card interest rate class action lawsuit settlement and/or for updates on the Citibank credit card class action settlement, visit the Citibank class action settlement website: