09/06/24 | $64.2M Settlement Granted Preliminary Approval
On Sept. 6, 2024, U.S. District Judge Terrence W. Boyle granted preliminary approval to a $64.2 million settlement with USAA Savings Bank and USAA Federal Savings Bank, on behalf of a nationwide class of servicemembers. A final approval hearing has been scheduled for Jan. 7, 2025.
WHAT’S THE ISSUE?
Brought on behalf of a nationwide class of military servicemembers and veteran customers of USAA, Hagens Berman, in partnership with other counsel, is litigating an action alleging that USAA Savings Bank and USAA Federal Savings Bank overcharged U.S. servicemembers on interest rates and fees during and after active duty. The lawsuit claims that this violates the Servicemembers Civil Relief Act (SCRA).
SERVICEMEMBERS’ RIGHTS
Of the innumerable sacrifices made by servicemembers, active duty requires them to leave jobs and careers that could offer their families and loved ones more financial stability. Federal law protects servicemembers from the predatory practices of financial institutions, as alleged in this case and other servicemember cases.
TOP LAW FIRM FOR SERVICEMEMBERS AND VETERANS
Hagens Berman is home to some of the most well-respected and successful lawyers representing consumers, including servicemembers and veterans, in class-action lawsuits, and the firm has achieved total settlements valued at more than $320 billion since its founding. The firm recently represented servicemembers in a nationwide class action against Bank of America, helping to secure a settlement valued at $42 million for veterans and servicemembers. For more than 30 years, the firm has taken on major institutions for fraudulent billing and predatory behavior. Recently, after a decade of tenacious litigation, Hagens Berman secured a settlement valued at $66.7 million in a lawsuit against Visa, Mastercard, Bank of America, JP Morgan Chase and Wells Fargo over an alleged scheme to monopolize the ATM network services market.
