Advance America Lawsuit

Settles Class Action

Advance America Settles Class Action

Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today announced that it has settled a class action lawsuit in Georgia that resolves all claims against the Company in connection with originating, marketing, or servicing any loan in that state.

The settlement, which does not involve any finding of wrongdoing, requires final approval from the State Court of Cobb County, Georgia. The Company had previously suspended operations in Georgia during 2004.

If approved, the settlement will require the Company to make a minimum payment of approximately $2.0 million from which (1) a settlement pool will be established to pay claims; and (2) attorney fees and other costs related to the litigation and settlement administration will be paid.

The value of individual claims will vary between $30 and $90. If claims made plus costs exceed $2.0 million, then the Company will be required to pay additional funds into the settlement pool up to an aggregate cap of $3.7 million. If claims made plus applicable costs are less than the minimum payment, the court will distribute the balance of the minimum payment to a charitable organization of the court's choosing. If claims made plus costs are greater than the cap, then claims will be prorated so as not to exceed the cap.

FEB-09-09: Advance America Settles Class Action [THE EARTH TIMES: ADVANCE AMERICA SETTLES CLASS ACTION]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below. Related Law Suits

Advance America Law Suit and Settlement

Bank of America Faces Homeowner Class Action For Withholding Federal Bailout Funds Law Suit and Settlement

H&R Block Reaches Multi-Million Dollar Settlement Over Fraudulent IRAs Law Suit and Settlement

Preliminary $25 Million Settlement Reached in Vitamin Price Fixing Suit Law Suit and Settlement

Class Action Settlement Monies to Feed Hungry Kids Law Suit and Settlement

Sea Star Agrees $18.5M Settlement in Anti-trust Class Action Law Suit and Settlement

AIG Agrees $725 Million Settlement in Pension Funds Class Action Law Suit and Settlement

Component Hardware Reaches Class Action Settlement Law Suit and Settlement

$173M Settlement Reached in Chip Antitrust Suit Law Suit and Settlement

AIG Law Suit and Settlement

See more stories from this source.

Class Action Law Suits

Newsworthy Law Suits
Defective Products Lawsuits
Discrimination Lawsuits
Drug & Medical Claims Lawsuits
Food & Dietary Supplement Lawsuits
Insurance Lawsuits
Malpractice Lawsuits
Personal Injury Lawsuits
Real Estate Lawsuits
Investment Fraud Lawsuits

Lawyers! Become an Approved Expert to Answer Questions.

Apply Now!
You'll get lots of targetted traffic to your website and new client leads!