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Ally Financial Settles Contract Fee Fight For $20M

Law360 (June 18, 2018, 7:13 PM EDT) -- Ally Financial Inc. will pay $19.7 million to end a putative class action alleging the bank holding company subjected vehicle buyers to extra fees not listed on their lease-to-own agreements, according to a settlement agreement filed Friday in Florida federal court.

Class representative Robert Schreiber asked a Florida federal judge to approve a deal that calls for $2.95 million in attorneys' fees and allows potential class members to recover up to 100 percent of the fees they say they were charged under Ally’s “SmartLease” contracts, which average around $238.

“This is an exceptional result for the class,” Schreiber said in a...

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Florida Southern

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Consumer Credit

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Date Filed

June 4, 2014

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