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NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
You may be entitled to receive a settlement payment and other benefits in connection with a class action against Five Star Bank and Financial Institutions, Inc.
- This settlement resolves a lawsuit over whether Five Star Bank and Financial Institutions, Inc. (“Defendants”) sent borrowers proper notice of their rights after vehicle repossession and sale.
- Defendants deny and dispute the claims asserted in the Litigation. The parties disagree about whether any money (and if so, how much) could have been awarded to you if the Plaintiffs were to prevail at trial. The settlement avoids the costs and risks to members of the Class like you from continuing with the lawsuit, and it provides relief to the Class.
- This settlement will: (a) provide a gross fund of $29,500,000.00 to be used for distribution to Class Members, payment of administrative costs, Class Counsel fees and expenses, and service awards to each of the Plaintiffs; (b) eliminate disputed Deficiencies of approximately $51,600,000.00; and (c) require Defendants to request credit reporting agencies to delete your auto loan history from your credit report, if any, in accordance with the proposed Class Action Settlement Agreement.
- Your rights are affected whether you act or not. Read this notice carefully.
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Your Legal Rights and Options in this Settlement: |
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Do Nothing |
If the settlement is approved by the Court as presented, any balance remaining after the auction-sale of your repossessed vehicle (i.e. “Deficiency”) will be eliminated, and Defendants will request the credit reporting agencies to delete any loan history from your credit report. You will also be paid a proportionate share of the net settlement proceeds. You can find the anticipated amount of your check and your eliminated Deficiency in the Award Eligibility section. The payment will be sent to you by check unless you select an alternate payment method in the Award Eligibility section. |
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Exclude Yourself |
Get no payment. This is the only option that allows you to ever be part of any separate lawsuit against Defendants concerning your financed vehicle. Act by Monday, October 13, 2025. |
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Object |
Write to the Court about why you don’t like the settlement and do not want it approved. Act by Monday, October 13, 2025. |
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Go to a Hearing |
Ask to speak in Court about the fairness of the settlement at the hearing scheduled for Tuesday, November 4, 2025, at 9:15 a.m. |
- These rights and options – and the deadlines to exercise them – are explained in the notice sent to you.
- The Court in charge of this case still has to decide whether to approve the settlement. Payments will be made if the Court approves the settlement and after any appeals are resolved. Please be patient.
- For more information, visit the Important Court Documents section.