I get emails out of the blue telling me about a class action against Cap One. Says to opt out if I want to sue them in the future? Debt forgiveness and settlement payment are tow of the outcomes the class suit is seeking. What should I do with this? Ignore it? I do have a NTL with CapOne and I was a resident of one of the states suing during the reported violations by Cap One.
In any class action settlement you have choices. (A) stay in the class. (B) opt-out - if you can prove violations that personally affected you, and you think you could do better on your own. Remember the costs of filing in this equation.
Everybody gets notices like this I think. I sometimes fill it out if I think there might be something to it. I've gotten a few dollars here and there from that. A few years ago I got one of those re: Lithia overcharging on license fees. I had bought a car from them in 2004, so I filled out the paperwork, choosing to opt in. A few months ago I got a check that cashed at my bank for $400., plus $500 in vouchers good for anything (motor oil changes, service, car buying etc...) at any local Lithia dealer. Turns out many people here got same vouchers. Current value on craigslist for Lithia vouchers just like mine are like 50-60% of face value. Some smart cookie is going to go buy them all up on craigslist, and then go buy a new/used car at 1/2 off at the Lithia dealer. In my experience these class action things are a great way to put lawyers kids thru college while they send you bucks. This Lithia class action suit was the first that put any real dollars in my pocket. Hope this helps with your decision to opt in, out, or just round file it.
