The Bulls v. USAA class action settlement received final approval from the federal court on 14 January 2025. The class members who did not exclude or object themselves from the USAA settlement will receive the payment now, as the disbursement began on 06 May 2025.
The class members who were entitled to the payment and updated their change in mailing address or account details before 21 November 2024 will get their payment soon if they have not yet received it. The payout will be disbursed in three simple steps of distribution to all the USAA settlement class members.
The USAA bank will provide a total of $64 million settlement fund to resolve this case, where the plaintiff alleges that the bank failed to lower the interest rate for service members under SCRA and the bank’s policy between 31 March 2013 and 13 March 2019.
| Settlement | Bulls vs. USAA settlement |
| Settlement Fund | $64.2 million |
| Deadline | 21 November 2024 |
| Exclude/Object deadline | 21 November 2024 |
| Final Hearing | 14 January 2025 |
| Who qualifies? | USAA bank customers who got the remediation check from MLA or SCRA remediation check but did not cash it out. |
| Payout Amount | Average $200 |
| Distribution Began at | 06 May 2025 |
| Contact no. | 1-888-378-7406 |
| Settlement Website | https://usaabankclassaction.info/ |
Payout Amount
The class members of the Bulls vs. USAA settlement may receive the payout from a $64 million fund after the administrator deducts the court-approved costs, such as service awards, attorney’s fees and costs, and settlement administration costs. In the settlement agreement, the class representatives’ service awards will not exceed $20,000 each.
After the amount and other expenses are deducted from the Bulls vs USAA settlement, the net settlement fund will be used to award the class members in the three-step distribution plan. Class members can get an idea of their payment based on the three-step distribution plan.
Class members wondering about the payout amount should know that it will be based on the Group they meet the criteria. As per the settlement agreement, the average payout for each class member would be around $200 under the Bulls vs USAA settlement.
Distribution Plan
According to the Bulls vs USAA settlement agreement, the class members will receive the payout based on the following distribution plan in three steps:
- Step One: The administrator will release the $ 33,402,833.59 to class members who earlier got a remedial payment under remediation payments for the EVP, SCRA, DP, and MLA Remediations, but never deposited the payment (group 1). After that, members will receive $50 for each class member who sent the remediation payout to the MLA or SCRA remediation (Group 3 and Group 2). The remaining net settlement fund will be used for members who send remuneration pay to SCRA remediation.
- Step Two: The class members from Group 1 who received the payout from Step One, and the payout remains uncashed after 180 days of the issuance, the uncashed amount will be distributed as the second round of payment to the class members who received the payout through Step 1.
- Step Three: This will be used to pay any unanticipated settlement administration fees and to pay any late requests for Step One or Step Two payments to be reissued. If there are any remaining Net Settlement Funds, they will be given to one or more court-approved non-profit organizations that assist veterans and active military personnel.
Who will receive it?
The Bulls vs USAA settlement will be given to the customers who meet the following eligibility conditions:
- The USAA bank customers who deposited and received a remediation check fur to the ML A and SCRA remediation, and they were identified to have received the check depending on the remediation from SCRA, MLA, EVP, or DP, but did not cash out the payment, will be entitled to the payout.
- Members who were not excluded or opted out of the Bulls vs USAA settlement after filing the form.
Exclusion:
- The USAA bank’s directors, officers, employees, and their immediate families are excluded from the settlement, and the legal representatives, successors, affiliates, or others will be excluded.
What to do if you miss the payout?
The Bulls vs USAA settlement class members can receive the payment anytime soon, as the disbursement began four days ago; however, if any class member has missed the payout, they can reach out to the class members.
Class members who have a USAA account will receive the direct deposit, and otherwise, they will receive the payout through a mailed check. So, the direct deposit payout will process around 5 days or a week, whereas the mailed check can take around 4 to 5 weeks.
However, if the payment is not made, the class members can reach out to the settlement administrator through email at info@USAABankClassAction.info or call at 1-888-378-7406, or contact through the official settlement website.