LoanDepot Pays $1.025 Million Settlement for Unauthorized Bank Debits Class Action Lawsuit
Deadline
Deadline: March 3, 2025
Total Settlement Amount
Total amount allocated for all claims
Individual Payout Range
Estimated amount per eligible claim
Proof of Purchase
Eligibility can be found in the form of the Settlement ID mailed to you.
Settlement Summary
LoanDepot, a mortgage lender providing home loans, refinancing, and home equity loans, has agreed to a $1.025 million settlement to address allegations that it violated the Electronic Fund Transfer Act (EFTA) by debiting funds without written authorization. The class action lawsuit claimed that LoanDepot repeatedly took money from customers' bank accounts without providing a copy of the authorization for preauthorized electronic fund transfers. This settlement benefits individuals who experienced such unauthorized debits between September 21, 2021, and October 6, 2023. Class members can expect a pro rata cash payment, with those experiencing more frequent debits receiving a larger portion. The exact payment amounts will depend on the number of participating class members.
Entities Involved
Eligibility Requirements
- Person must be in the United States
- Their bank account was debited on a recurring basis by loanDepot.com LLC
- Did not receive a copy of the authorization to make a preauthorized electronic fund transfer
- Debits occurred between Sept. 21, 2021, and Oct. 6, 2023
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Submitting false information in a settlement claim is considered perjury and will result in your claim being rejected. Fraudulent claims harm legitimate class members and may result in legal consequences.
If you are unsure about your eligibility for this settlement, please visit the official settlement administrator’s website using the link provided above. Review the eligibility criteria carefully before submitting a claim.
Class Action Champion is an independent information resource and is not affiliated with any settlement administrator, law firm, or court. We provide settlement information as a service to help connect eligible class members with legitimate settlements.