A class action lawsuit involving ACI Payments, Inc., ACI Worldwide Corp., ACI Worldwide, Inc. (collectively “ACI”), and Nationstar Mortgage LLC d/b/a Mr. Cooper Group (“Nationstar”) has reached a settlement agreement. The lawsuit is related to incorrect Automated Clearing House (ACH) debit and credit entries that affected around 480,000 accounts nationwide.
The settlement agreement consists of three separate payments made by ACI: Funds A, B, and C. These funds cover all claims as well as attorneys' fees and costs, service awards to Class Representatives, costs of administration of the settlement, reimbursement for previously unreimbursed actual damages, and non-monetary relief valued at $10.55 million.
There are several important dates to be aware of in this settlement:
The Court has certified a Settlement Class consisting of all people who meet the following definition:
All persons throughout the United States whose mortgages were or are serviced by Nationstar Mortgage LLC (Nationstar) and who were subjected to incorrect ACH debit or credit entries between April 23-26, 2021 (the Incident).
To obtain monetary compensation from Funds A or B as well as non-monetary relief under Fund C, eligible class members must submit a claim form.
In addition to monetary compensation from these funds, Defendants will forgive and waive any entitlement that they may have to recover from the Settlement Class approximately $2.86 million in overpayments made by ACI to around 1,200 Settlement Class Members and approximately $190,000 in damages payments made by Nationstar to Settlement Class Members.
Furthermore, ACI has agreed to provide non-monetary relief valued at $1 million by implementing changes in its business practices so as to prevent similar ACH incidents from occurring in the future.
To submit a claim for benefits under this settlement agreement and for more details about the process and requirements for filing a claim form or objecting/excluding oneself from the settlement class, visit the official settlement website at https://achloanpaymentlitigation.com/.