Taylor v. TimePayment Corp., No. 3:18-cv-00378-MHL-DJN, Doc. 60 (E.D. Va. Oct. 29, 2019)
John Taylor (“Class Representative”) sued TimePayment Corp. (“Defendant”) alleging that the company offered Consumer Equipment Leases to consumers that contained improper disclosures under the Consumer Leasing Act and Truth in Lending Act regarding the payments and charges owed under those agreements, and that the leases imposed finance charges in excess of those allowed under Virginia law. The parties have reached a class action settlement in this case.
The ”Virginia Class” is comprised of all persons (a) with an address in Virginia (b) who signed a Consumer Equipment Lease or had a payment obligation with TimePayment Corp. thereunder (c) between June 4, 2016 and September 13, 2019.
Defendant will establish a settlement fund of $50,000 for the benefit of the Virginia Class, a separate fund of $175,000 for the benefit of consumers nationwide who entered into a Consumer Equipment Lease with Defendant, and will no longer use the form Consumer Equipment Lease at issue in this case. Virginia Class members who submit timely, valid claims (all potential Virginia Class members were sent a claim form at their last known address) will receive an equal share of the two settlement funds, after deducting the costs of class notice and administration and a $3,000 service award to the Class Representative, subject to Court approval. It is estimated that each participating Virginia Class member will receive between $280 and $550, depending on the number of Virginia Class members who submit timely, valid claims. Defendant also will pay, subject to Court approval, reasonable attorneys’ fees, costs, and litigation expenses of up to $210,000 to counsel for the Class Representative and the Class.
Please note that this settlement does not affect the validity of your Consumer Equipment Lease agreement with Defendant. You are still responsible for the remaining payment obligations outlined in that agreement, if any.
The Court held a final fairness hearing on February 21, 2020, at 11:00 a.m. The Court approved the settlement on February 24, 2020.
Relevant case materials are linked below, including the operative complaint in this case, the parties’ class action settlement agreement, and a copy of the class notice that further explains your rights and benefits under the agreement.
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