Levine v. Citibank N.A.
PRELIMINARY APPROVAL ORDER. The deadline to submit a claim, to object, and to opt out is January 31, 2013. The Final Approval Hearing shall be held on March 15, 2013. Signed by Judge Maxine M. Chesney on November 6, 2012. (Attachments: # 1 Exhibit A, # 2 Exhibit B, # 3 Exhibit C) (mmclc1, COURT STAFF) (Filed on 11/6/2012) Modified on 11/6/2012 (mmclc1, COURT STAFF).
IF YOUR HOME EQUITY LINE OF CREDIT
(“HELOC”) WAS SUSPENDED OR REDUCED BY
CITIBANK, YOU MAY BE ENTITLED TO BENEFITS
CLASS ACTION SETTLEMENT
In Re Citibank HELOC Reduction Litigation, Case No. 09-cv0350 MMC
Visit www.inrehelocsettlement.com for more information
A proposed class action settlement has been reached in a
putative nationwide class action case brought against the
defendant, Citibank, N.A. (“Citibank”), in the United States
District Court for the Northern District of California. The
Settlement resolves litigation that challenged whether Citibank
had a right to suspend or reduce borrowers’ HELOCs. Your
legal rights may be affected whether you act or don’t act.
Please read this notice carefully. Please also visit
www.inrehelocsettlement.com to read the full agreement and to
submit a claim.
What is the Lawsuit About?
The lawsuit alleges that Citibank suspended and reduced
certain of its borrowers’ HELOCs on the grounds that the
borrowers’ homes have significantly declined in value without
a basis for doing so.
Citibank denies that it violated any law. The Court has not
determined who was right. Rather, the Parties have agreed to
settle the lawsuit to avoid the expenses and burdens of further
litigation. This notice is not an admission of wrongdoing by
available at www.inrehelocsettlement.com. You may submit
the Claim Form online or mail a completed Claim Form to the
following address: In re Citibank HELOC Litigation,
Settlement Administrator, P.O. Box 2838, Portland, OR 972082838.
Claims Forms must either be submitted electronically or
postmarked no later than January 31, 2013, midnight
What are My Other Options?
You or your lawyer has the right to appear before the Court and
object to the proposed Settlement. Your written objection must be
postmarked by January 31, 2013. If you do not wish to be a
member of the Class, you may exclude yourself by writing to the
Settlement Administrator and indicate that you wish to be excluded
from the Class. If any co-borrower on your account requests
exclusion, you cannot submit a claim form for a cash award.
www.inrehelocsettlement.com. Your request for exclusion
must be postmarked by January 31, 2013.
If you object or do nothing, you will remain in the Class, and if
the Court approves the Settlement, you will also be bound by
all orders and judgments of the Court. If the Settlement is
approved by the Court, your claims against Citibank and other
Released Parties for the Released Claims, which include but are
not limited to, any and all claims in conjunction with the
suspension or reduction of your HELOC based upon a decline
in the value of your property, will be released. For a detailed
explanation of the Released Claims, please review the
Settlement Agreement on the website.
How Do I Know if I Am a Class Member?
You are a member of the Class if you were a person in the
United States from January 1, 2008 to January 31, 2012 whose
Citibank HELOC account was suspended or reduced based on a
claim by Citibank that the value of the property or dwelling
securing the HELOC (e.g., your home) had experienced a
significant decline in value.
Who Represents Me?
The Court has approved Jay Edelson, Steven L. Woodrow and
Evan Meyers of Edelson McGuire LLC and Jim Patterson of
Patterson Law Group to be the attorneys representing the Class
in this case. These attorneys are referred to as Class Counsel.
You will not be charged for these lawyers. If you want to be
represented by your own lawyer in this case, you may hire one
at your expense.
What Can I Get From the Settlement?
If you are a current Citibank HELOC customer, you will
benefit from the Settlement’s service enhancements, including
the Notice of Right to Request Reinstatement of your HELOC.
A full explanation of these service enhancements is set forth in
Class Counsel will ask the Court for attorneys’ fees and
expenses of up to $1,214,000. Additionally, Citibank has
agreed to pay $36,000 collectively to the Class Representatives
to be shared for their services in helping to bring and settle this
case. The Court may award less than these amounts.
If you have closed your Citibank HELOC account following a
suspension or reduction of your HELOC, you may be entitled
to a cash award of $120. If this form was mailed to you and
includes a Claim Form, then Citibank has determined that you
are eligible to receive the $120 cash award, provided you
timely submit a claim in the manner explained below. If you
were mailed this form but it doesn’t include a Claim Form, then
you are not eligible to receive the cash award and may not
submit a claim for such an award.
How Can I Receive Settlement Monetary Benefits?
Former Citibank HELOC customers who are eligible for a cash
award may receive a $120 cash payment by completing and
timely submitting a Claim Form. A copy of the Claim Form is
AMECURRENT 703794363.1 02-Nov-12 12:42
When Will the Court Consider the Proposed Settlement?
The Court will hold the Final Approval Hearing at 9:00 a.m. on
March 15, 2013, at the United States District Court for the
Northern District of California located at Courtroom 7, 19th
Floor, 450 Golden Gate Avenue, San Francisco, California
94102. At that hearing, the Court will hear any objections
concerning the fairness of the Settlement that have been
properly raised, as set forth above. The hearing may be
postponed to a different date or time without notice. You are
not required to come to the Final Approval Hearing.
How Do I Get More Information?
www.inrehelocsettlement.com, which includes links to the
long-form notice and the Claim Form. You may also contact
Class Counsel, at the address or phone number below for any
reason, including requesting a copy of the Settlement
Agreement. If you contact Class Counsel in writing, please
include the case name and number, and your name and address
on any letters, not just the envelopes.
Jay Edelson, Steven L. Woodrow and Evan M. Meyers
Edelson McGuire, LLC, 350 N. LaSalle St., Suite 1300
Chicago, IL 60654 Tel: (866) 354-3015 www.edelson.com
In re Citibank HELOC Litigation
PO Box 2838
Portland, OR 97208-2838
TOLL FREE: 1-866-487-6522
AMECURRENT 703794363.1 02-Nov-12 12:42
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