You may be entitled to receive a settlement payment and other valuable benefits in connection with a class action against M&T Bank.
• The parties have reached a proposed settlement (the “Settlement”) in the above referenced matter. This Settlement, if approved by the Court, will resolve a class action lawsuit against Manufacturers and Traders Trust Company, also known as M&T Bank (“M&T Bank”), over whether M&T Bank complied with the Pennsylvania Uniform Commercial Code (UCC), independently, and in conjunction with the Pennsylvania Motor Vehicle Sales Finance Act (MVSFA) relating to notices that must be sent to car loan borrowers after their vehicle was repossessed (“Post-Repossession Consumer Disclosure Notices”) and after the repossessed vehicle was sold (“Post-Sale Notices”). The relevant time period for the Settlement is from September 22, 2011 through the Preliminary Approval Date (the date the Judge entered a Preliminary Approval Order), inclusive.
• Under the Settlement, M&T Bank will provide a gross settlement payment of $7.0 million to a Settlement Fund to be used to pay (i) a settlement payment to Class Members, (ii) administrative costs, (iii) class counsel’s legal fees and costs, and (iv) an incentive payment to the representative Plaintiffs and one former representative Plaintiff.
• M&T Bank will also compromise the Disputed Deficiency Balances that it claims are presently owed on the Class Members’ Auto Loans (subject to the exclusions below). As of July 18, 2022, the total amount of the deficiency balances of all Class Members (excluding only the loan balances for those Class Members whose vehicles have not been sold as of July 18, 2022) is $42,228,253.43. M&T Bank will also request that the credit reporting agencies Experian, TransUnion, and Equifax delete the credit reporting trade lines associated with the Class Members’ Auto Loans with M&T Bank (except those Class Members who redeemed their vehicle and/or reinstated their account after repossession and whose vehicle was not subsequently repossessed and sold again prior to the Effective Date.)
• In exchange, M&T Bank and each Class Member will release each other from liability (or potential liability), in connection with the Class Member’s Auto Loan, as more fully set forth in the Settlement Agreement. The Settlement Agreement can be reviewed by clicking on the link below, by reviewing the pleadings at www.pacer.gov, or by requesting a copy from Class Counsel Richard Shenkan and Shenkan Injury Lawyers, LLC. You may contact Mr. Shenkan, with questions at 1-800-411-1770 or [email protected], or the Settlement Administrator at 1-877-268-2976, or [email protected]. Other documents relating to the Settlement are attached below.
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Important Dates and Deadlines
Opt-Out/Objection Deadline: November 16, 2022
Fairness Hearing: November 22, 2022, at 10:00 A.M.
| YOUR ACTION | RESULT OF THAT ACTION |
|---|
| DO NOTHING | You remain in the Settlement. If the Settlement is approved, you will receive the benefits summarized above unless you fall into one of the exclusions. In exchange, you give up the right to sue M&T Bank for matters concerning your Auto Loan and the repossession and sale of your vehicle as set forth in the Settlement Agreement. |
| ASK TO BE EXCLUDED | You are removed from the Settlement. You will not receive the benefits summarized above. However, this is the only option that allows you to pursue your own lawsuit or to participate in any other lawsuit against M&T Bank concerning your Auto Loan or the repossession and sale of your vehicle. The deadline for you to submit your signed request to be excluded is November 16, 2022, forty (40) days after the date of this Notice, so you must act promptly. |
| OBJECT TO SETTLEMENT | If you object to the Settlement, you are still in the Settlement, but you have notified the Court in writing that you don't like the Settlement and the reason for your objection. The deadline for you to submit a signed objection is November 16, 2022, forty (40) days after the date of this Notice, so you must act promptly. |
| OBJECT TO ALLOCATION OF SETTLEMENT PAYMENTS (CO-BORROWERS ONLY) | If you are a co-borrower, you may also object to the equal allocation between co-borrowers on an Auto Loan of the settlement payment. This is not the same as objecting to the Settlement and you will still be a part of the Settlement. The deadline for you to submit an objection to the equal payment allocation is November 16, 2022, forty (40) days after the date of this Notice, so you must act promptly. |
| GO TO THE HEARING WHERE THE COURT CONSIDERS WHETHER TO APPROVE THE SETTLEMENT | You are still in the Settlement and get the benefits of the Settlement, if approved by the Court. You do not need to attend the hearing to get the benefits of the Settlement, but you are invited to attend and will be afforded an opportunity to speak in Court about the fairness of the Settlement (should you choose to do so) or, if applicable, why any belatedly submitted objection or request for exclusion should be considered. If you object to the settlement, you need to state in your objection your intention to appear at the fairness hearing |