Big Picture Loans & Castle Payday Settle for $65 Million

Big Picture Loans & Castle Payday Settle for $65 Million

Big Picture Loans and Red Rock Tribal Lending, doing business as Castle Payday, have agreed to pay $65,000,000 to settle a class action lawsuit for alleged violations of state laws and the Racketeer Influenced and Corrupt Organizations Act (RICO). This lawsuit claimed that the Defendants offered loans at annual interest rates greater than what is permitted by state laws. This settlement provides an opportunity for affected borrowers to receive cash payments and other benefits.

Can I Claim an Award?

The settlement covers all individuals who obtained a Big Picture or Castle Payday loan from June 22, 2013, to May 1, 2024. If you received a loan from these entities during this period, you are likely a member of the Settlement Class and may be eligible for benefits.

To be more specific, if you obtained a Big Picture or Castle Payday loan within the specified dates, you are included in the Settlement Class unless you choose to exclude yourself. This means you may be eligible for cash payments and other benefits as part of the settlement.

• Individuals who made payments on their loans may receive cash payments based on the amount paid in principal and/or interest above their state’s legal limits.
• Individuals who did not make any payments on their loans, or who lived in states without interest rate restrictions, will not receive cash payments but will receive other benefits.

Who is Excluded?

Individuals who did not make any payments on their loans or who lived in states without interest rate restrictions are excluded from receiving cash payments. However, they will still receive other benefits as part of the settlement.

How Much Are the Cash Awards?

The amount of any cash payment will depend on what you paid in principal and/or interest above your state’s legal limits.

The specific amount you may receive will be calculated based on the amount of money available in the settlement fund and the total number of claims.

The list of rates by state used in the calculations will become available later on official settlement website. We will update this article with a link to the rates at that time.

Is Proof Required to Claim the Reward?

No proof is required to claim the reward. If you are a member of the Settlement Class, the benefits will be provided automatically.

How to Claim Your Award

To claim your award, you do not need to take any action. If the Court approves the Settlement, the benefits described above will happen automatically. The Settlement Administrator will send an email after Final Approval to update you on what happened at the hearing. You can also check the official settlement website for updates or contact the Settlement Administrator or Class Counsel if you have additional questions.

If you need to update your address or have any other inquiries, you can contact the Settlement Administrator at the provided contact details.

How do I Get Paid?

The Settlement Administrator will mail a check with your cash payment, if any, to the same address as the notice you received.

$65,000,000 Settlement Fund Breakdown

The total settlement amount of $65,000,000 will be used to provide cash payments to Class Members who made payments on their loans. The amount awarded to each member will depend on the total number of claims and the amount paid in principal and/or interest above state legal limits.

Class Counsel are permitted to ask the Court for an award of attorneys’ fees not to exceed one third of the amount paid by Defendants, which is $21,666,666.66. Additionally, Class Representatives may receive payments for their contributions, not exceeding $25,000 each.

Important Dates

• Deadline to Opt Out of the Settlement: 08/19/2024
• Deadline to Object to the Settlement: 08/19/2024
• Final Approval Hearing: 10/28/2024