If you owned property repossessed by Commerce Bank, you could get valuable benefits from a Class Action Settlement.
- You may be eligible to participate in a Settlement with benefits, including money, the reduction of alleged deficiencies to zero, and the deletion of certain negative credit information from credit reports for all persons with a secured collateralized loan or financing agreement with Commerce Bank (“Commerce”) whose collateral was repossessed and who were mailed a presale notice or post-sale explanation. The Settlement resolves a litigation over whether Commerce sent proper notices and explanations to you in connection with attempting to collect on your loan by repossessing and selling your property.
- The Parties disagree on whether the borrowers could’ve won and the amount of money they would’ve been entitled to had they won. Commerce denies the allegations in the Litigation and the Court has not decided that the borrowers are entitled to any money at all. The Parties agreed to this Settlement to resolve the litigation. This Settlement avoids costs and risks to you from the litigation; provides benefits to borrowers like you; and releases Commerce from liability.
A Court authorized this notice.
- Your legal rights are affected whether you act or don’t act. Read this notice carefully.
- Consult your tax adviser about the tax issues associated with this Settlement. Relief provided under this Settlement, including money and debt reduction, may be subject to tax.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
| DO NOTHING | By doing nothing, you will receive the benefits that come from the Settlement, including money. But you give up the right to separately sue Commerce about the same legal claims asserted. |
| EXCLUDE YOURSELF | Get no money or benefits. This is the only option that allows you to ever be part of any other lawsuit against Commerce about the legal claims asserted. |
| OBJECT | Write to the Court about why you don’t like the Settlement. |
| GO TO A HEARING | Ask to speak in Court about the fairness of the Settlement. |
- These rights and options—and the deadlines to exercise them—are explained in the "Long-Form" notice.
- The Court must still decide whether to approve the Settlement. Money and benefits will be provided if the Court approves the Settlement and after any appeals are resolved. Please be patient.