Digital Bank To Settle With Customers Over Service Outage

Law360 (October 29, 2020, 7:11 PM EDT) -- Digital banking company Chime Financial and its customers on Wednesday got initial approval of a proposed settlement agreement from a California federal judge, which would end claims stemming from disruption of the company's services in October 2019.

U.S. District Judge Haywood S. Gilliam Jr.'s Oct. 28 order granted preliminary approval to a two-tiered settlement deal offset by money the company already provided to its customers, court records show.

According to the proposed terms, Chime customers who can't or don't want to hand over documentation that would substantiate the losses they alleged they sustained in connection with the service outage can receive...

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