Gilmor-Advanta Settlement

WRRSV is pleased to announce a $398,032 class action settlement in Gilmor, et al. v. Preferred Credit Corporation, et al., Case No.  4:10-cv-00189-ODS.


Defendant Advanta Mortgage Corporation of USA (“Advanta”) has agreed to pay $398,032 to settle the claims of 775 class members who obtained 437 loans that and on whose behalf proofs of claim were filed against Advanta Mortgage Corp., USA in the Chapter 11 bankruptcy case styled as In re Advanta Corp., et al., Case No. 09-13931 in the United States Bankruptcy Court for the District of Delaware.  Class Members who do not opt out of the Settlement will be entitled to a settlement payment under the Settlement.  The estimated settlement payments range from a low of $9 to a high of $4,096, with an average of $408.


Class Members can see what we currently estimate the amount of their settlement payment to be by accessing the Proposed Distribution Schedule.  To access the Proposed Distribution Schedule for your settlement benefit, click here.


March 6, 2013:  The District Court for the Western District of Missouri has entered its order giving final approval to the Settlement Agreement reached with Advanta Mortgage Corporation of USA (“AMCUSA”) and the Trustee for the AMCUSA Trust (collectively (and including AMCUSA)) in Michael P. and Shellie Gilmor, et al v. Preferred Credit Corporation, et al. The order will become final on April 6, 2013, and we anticipate sending distribution checks to Advanta Settlement Class Members beginning sometime in late April or early May, 2013.


Links to Settlement Documents:


Links to Other Pleadings, Orders, Reports, and Documents:

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