Landrum vs. Meadows Credit Union Settlement

Walters, Renwick Richards Skeens & Vaughan, P.C. is pleased to announce the settlement of a class action lawsuit, Landrum v. Meadows Credit Union, Case No. 08-441-CV-W-DW, pending in the United States District Court for the Western District of Missouri.


The Class Members asserted claims for violations of Missouri Uniform Commercial Code and Merchandising Practices Act against Meadows Credit Union resulting from its participation in a subprime motor vehicle financing program with Centrix Financial, LLC, which resulted in the repossession of their motor vehicles.


Class Members who do not opt out of the settlement will receive substantial benefits, including a cash payment averaging approximately $2,220, plus a write-off of any deficiency or account balances remaining on their vehicle loans, which amounts average approximately $2,516.


In addition, Class Members will be entitled to correction of their credit report by removal of any negative reporting by the credit union with respect to the vehicle loan. Class Members will also receive the benefit of an IRS Private Letter Ruling, which the Defendant will seek in order to minimize the tax burdens of the deficiency write-off portion of the settlement.


Class Members can see what we currently estimate the amount of their settlement payment to be,  along with the amount of any deficiency or account balance that will be written off as part of this settlement, by accessing the Proposed Distribution Schedule by accessing the “Proposed Distribution Schedule,” linked below.


March 16, 2012–Good News!  The United States District Court for the Western District of Missouri entered its Order Finally Approving Class Action Settlement and Certifying a Class for Settlement Purposes and its Final Judgment on the lawsuit.


Pursuant to the terms of the settment, Settlement Class Members should begin to receive their settlement distributions after April 16, 2012.


Links to Important Documents

First Amended Petition
Order Granting Motion for Class Certification
Settlement Agreement
Order Preliminarily Approving Class Action Settlement
Class Notice
Proposed Distribution Schedule
Order Finally Approving Class Action Settlement and Certifying a Class for Settlement Purposes
• Final Judgment

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