Constant $4 Million Crypto Lending Class Action Settlement

Consumers who were customers of Const LLC, including Constant, MyConstant and ConstantP2P, between May 1, 2019 and Nov. 16, 2022, may qualify to claim a share of an estimated $4 million from a class action settlement.

Const LLC agreed to pay approximately $4 million to resolve a class action lawsuit alleging it and its principals misrepresented investment opportunities and failed to deliver promised returns, resulting in financial losses for customers.

Who are the class members?

Class members must meet the following criteria:

• They used any of Const’s services, including Constant, MyConstant and ConstantP2P, at any time between May 1, 2019, and Nov. 16, 2022.
• They suffered monetary losses as a result of using those services.
• They lost money they invested or spent to become a Cost customer.

Const estimates there are approximately 5,574 class members

How much can class members receive?

Pro rata payment: Each class member’s payment will reflect the proportion of their losses compared to the total losses of all class members.

• The actual amount each class member receives may be more or less than the estimate provided in their notice, depending on final administrative costs and any additional recoveries from related bankruptcies.
• The settlement administrator will calculate each class member's loss based on their account records, converting any crypto assets to dollars as of Nov. 16, 2022.

No action needed to receive payment

Class members do not need to submit a claim form to receive compensation. Participation in the settlement is automatic unless they choose to exclude themselves.

However, class members can confirm their address and select a payment method via the payment election form.

Those who wish to dispute their estimated loss amount should contact the settlement administrator and provide supporting documentation.

Settlement administrator's contact information: Bhavsar v. Const LLC c/o Kroll Settlement Administration LLC, P.O. Box 5324 New York, NY 10150-5324, info@ConstSettlement.com, 833-627-3966

Payout options

• Electronic payment
• Paper check

Settlement fund breakdown

The settlement fund covers:

• Settlement administration costs: Up to $61,109
• Attorneys’ fees: Up to 25% of the monetary value of the gross settlement
• Attorneys' expenses: Up to $35,000
• Service awards to class representatives: Up to $1,000 each
• Payments to eligible class members: To be determined

Important dates

• Fairness hearing: July 22, 2025

When is the Const LLC settlement payout date?

Payments will be made approximately 28 days after the court grants final approval of the settlement and all appeals are resolved.

Why did this class action settlement happen?

The lawsuit alleged Const LLC and related defendants made assurances and representations to customers regarding investment returns that it did not meet, resulting in financial losses. The plaintiffs claimed these actions violated California law and duties owed to customers.

The defendants denied any wrongdoing but agreed to settle to avoid further litigation costs and uncertainty.

Sources

1. Settlement agreement
2. Settlement FAQ