Notification of Pending Class Action Suit
YOU ARE NOT BEING SUED
You Are a Member of a Class Action Against Five Star Bank and Financial Institutions, Inc.
- A class action lawsuit has been filed against Five Star Bank (“Five Star”) and Financial Institutions, Inc. (“FII”) (collectively, the “Bank”) to resolve whether the Bank sent borrowers in Pennsylvania and New York proper notice of their rights after a vehicle repossession.
- This lawsuit involves consumers from Pennsylvania and New York who allege that the Bank violated the laws of Pennsylvania and New York by failing to send its borrowers (a) proper notice of disposition of collateral (“Repossession Notice”) after the repossession of their vehicles, and (b) proper explanation of calculation of deficiency (“Deficiency Notice”) after the sale of the vehicles.
- Specifically, the consumers who filed this lawsuit—called “Plaintiffs”—assert on behalf of themselves and a class of Pennsylvania borrowers (“Class A”) and a class of New York borrowers (“Class C”) that the Bank, upon repossession, failed to send commercially reasonable Repossession Notice that specified certain information required by law.The Plaintiffs also assert on behalf of themselves and a class of Pennsylvania borrowers (“Class B”) and a class of New York borrowers (“Class D”) that the Bank, after selling the repossessed vehicles, failed to send commercially reasonable Deficiency Notice specifying certain information required by law.
- Class Members were identified according to the Bank’s records. Check the notice sent to you for the specific class you are part of.
- There has been no money or benefit recovered to date, and there is no guarantee that there will be money or a benefit available in the future. However, the Court did grant a motion certifying the above Classes, and you have a choice to make now.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT
Stay in this lawsuit. Await the outcome. Give up certain rights.
By doing nothing, you consent to the jurisdiction of the Court of Common Pleas of Philadelphia County as a class member. That means you keep the possibility of getting money or benefits that may come from a class action trial on damages or a settlement. But, you give up any rights to sue the Bank individually and to seek damages for the same legal claims that are in this lawsuit. Similarly, if you do nothing and the Bank wins a class action trial on damages, you will lose your claims covered by this lawsuit.
ASK TO BE EXCLUDED
Remove yourself from this class action. Get no benefits or money. Keep certain rights.
If you ask to be excluded and money or benefits are awarded later, you will not share in that recovery. But, you keep any rights you may have to individually sue the Bank separately about the same legal claims that are brought in this lawsuit.
- Your options are explained in this notice. To ask to be excluded, you must act before April 4, 2022.
- The Plaintiffs and their lawyers must prove the claims against the Bank at trial. If money or benefits are awarded or obtained from the Bank, you will be notified.