WBSV is pleased to announce the settlement of a class action lawsuit, Landrum v. Meadows Credit Union, Case No. 08-441-CV-W-DW, pending in the United States District Court for the Western District of Missouri

The Class Members asserted claims for violations of Missouri Uniform Commercial Code and Merchandising Practices Act against Meadows Credit Union resulting from its participation in a subprime motor vehicle financing program with Centrix Financial, LLC, which resulted in the repossession of their motor vehicles.

Class Members who do not opt out of the settlement will receive substantial benefits, including a cash payment averaging approximately $2,220, plus a write-off of any deficiency or account balances remaining on their vehicle loans, which amounts average approximately $2,516.

In addition, Class Members will be entitled to correction of their credit report by removal of any negative reporting by the credit union with respect to the vehicle loan.  Class Members will also receive the benefit of an IRS Private Letter Ruling, which the Defendant will seek in order to minimize the tax burdens of the deficiency write-off portion of the settlement.

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