Frequently Asked Questions
If you received a postcard notice or email relating to this case, then the records of Defendant show that you were assessed a Challenged Fee. Because of this, you are a member of the Settlement Class, and you may be affected by this class action settlement.
The Court is providing this notice because you have a right to know about the proposed class action settlement, and about your options, before the Court decides whether to approve the settlement. If you do nothing and the Court approves the settlement, and after any appeals are resolved, the benefits of the settlement will be provided to you.
This website and the notice explain the lawsuit, the settlement, your legal rights, what benefits are available, and how those benefits will be calculated.
The Court in charge of the case is the United States District Court for the Southern District of West Virginia, and the case is known as Cox v. First Community Bank. The persons who sued are called the Plaintiffs, and the bank sued is called the Defendant.
The settlement relates to the following fees (the “Challenged Fees”) that First Community Bank (“Defendant”) charged during the periods of: (i) June 24, 2012, to July 31, 2020, for Class Members whose accounts were opened in West Virginia; (ii) June 24, 2016, to July 31, 2020, for Class Members whose accounts were opened in Tennessee; (iii) June 24, 2017, to July 31, 2020, for Class Members whose accounts were opened in Virginia; and (iv) June 24, 2019, to July 31, 2020, for Class Members whose accounts were opened in North Carolina:
-overdraft fees on debit card transactions that were authorized based on a sufficient available account balance but subsequently settled against an insufficient available account balance (“APSN Fees”); and
-nonsufficient funds fees or overdraft fees on transactions that were resubmitted by a merchant after having previously been assessed a nonsufficient funds fee (“Retry Fees”).
If you were charged such a fee, you are a member of the Settlement Class.
The lawsuit claims that Defendant improperly assessed the fees described in FAQ 1 above. Defendant denies that it did anything wrong. Defendant claims that it was allowed to assess these fees and properly did so in accordance with the terms of its account agreements and applicable law.
In a class action lawsuit, one or more people called “Class Representatives” (in this case Tracy and Dennis Cox) sue on behalf of themselves and other people who have similar claims. All of these people are called a Class or Class Members. This is a class action because the Court has decided it meets the legal requirements to be a class action solely for the purposes of settlement and notice. Because the case is a class action, one court resolves the issues for everyone in the Class, except for those people who choose to exclude themselves from the Class.
The Court did not decide in favor of the Plaintiffs or the Defendant. Instead, both sides agreed to a settlement. That way, they avoid the cost of a trial and the risks of either side losing, and they ensure that the people affected by the lawsuit receive compensation. Defendant does not in any way acknowledge, admit to or concede any of the allegations in the lawsuit and expressly disclaims and denies any and all fault or liability for the charges that have been alleged in this lawsuit. The parties think that the settlement is best for everyone involved under the circumstances. The Court will evaluate the settlement to determine whether it is fair, reasonable, and adequate before it approves the settlement.
If you received an email or postcard notice addressed to you, then you are a member of the Settlement Class, you will be a part of the settlement, and the applicable benefits of the settlement will be provided to you, unless you exclude yourself. If you are not sure whether you have been properly included, you can call the settlement hotline toll-free at 1-888-726-1575.
The Defendant has agreed to pay $4,800,000 into a Settlement Fund to settle this case, plus forgive up to $500,000 in assessed but uncollected Challenged Fees, making the total Value of the Settlement no less than $5,300,000. As discussed separately below, attorneys’ fees, litigation costs, the costs of the notice and for the costs of distributing the settlement benefits, among other settlement administration costs, and service awards to the Class Representatives will also be paid out of the Settlement Fund.
After deducting the attorneys’ fees and expenses, costs of notice and administration, and service awards to the Class Representatives approved by the Court, there will be a Net Settlement Fund available for distribution to Class Members. Each Class Member will be paid from this fund on a pro rata basis, based on the amount of applicable Challenged Fees paid by the Class Member over the applicable Class Period. For example, a Class Member who paid $1,000 in applicable fees will receive a check or account credit for twice as much as a Class Member who paid $500 in applicable fees.
The actual amount of any Class Member’s check or account credit will be determined by an independent settlement administrator based on the following formula:
You will not receive more in the settlement than the amount of the applicable fees that you paid during the applicable Class Period and are likely to receive less.
You do not need to do anything to receive a payment from the settlement or account credit and/or debt forgiveness. As long as you do not exclude yourself, you will receive a settlement payment or account credit if the settlement is approved and becomes final and if you are eligible. If your address changes, however, please call the settlement hotline toll-free at 1-888-726-1575 or email [email protected] to report the address change so that your payment reaches you.
The Court will hold a hearing on November 25, 2024, at 3:00 P.M. to decide whether to approve the settlement. You do not need to attend. If the Court approves the settlement, there may be a period when appeals can be filed. Once any appeals are successfully resolved in favor of the settlement or if no appeals are filed, it will be possible to distribute the funds. This may take several months and perhaps more than a year. You do not need to do anything to receive your payment.
Unless you exclude yourself, you are staying in the Class, and that means you can’t sue, continue to sue, or be part of any other lawsuit against Defendant relating to the legal claims that were or could have been brought in this case. It also means that all of the Court’s orders will apply to you. Once the settlement is final, your claims relating to claims that were or could have been brought in this case will be released and forever barred.
To exclude yourself from this settlement, you must send a letter by mail stating that you want to opt-out or be excluded from Cox v. First Community Bank. The letter must include your name, address, telephone number, and your signature. You must mail your exclusion request postmarked no later than November 15, 2024 to:
Cox v. First Community Bank Exclusions
P.O. Box 301172
Los Angeles, CA 90030-1172.
You can’t exclude yourself on the phone or by email or by letter to a different address. If you ask to be excluded, you will not get any settlement payment or credit and you cannot object to the settlement. You will not be legally bound by anything that happens in this lawsuit. You may be able to sue (or continue to sue) the Defendant in the future.
No. Unless you exclude yourself, you give up the right to sue the Defendant for the claims that this settlement resolves. If you have a pending lawsuit, speak to your lawyer in that suit immediately. You must exclude yourself from this Class to continue your own lawsuit. Remember that the exclusion deadline is November 15, 2024.
No. If you exclude yourself, you are not eligible for any money or benefits from this settlement.
The Court appointed the law firms of Cohen & Malad, LLP, Stranch, Jennings & Garvey, PLLC, and Rod Smith Law PLLC to represent you and other Class Members. Together, the lawyers are called Class Counsel. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.
Class Counsel will ask the Court for attorneys’ fees and expenses of up to 1/3 of the Value of the Settlement to be paid from the Settlement Fund, plus reimbursement of expenses, and service awards to the Class Representatives of up to $7,500 each, to be paid from the Settlement Fund. The amount of the attorneys’ fees, expenses, and service awards must be approved by the Court.
If you’re a Class Member, you can object to the settlement if you don’t like any part of it. You must state the reasons for your objection and include any evidence, briefs, motions or other materials you intend to offer in support of the objection. The Court will consider your views. To object, you must send a letter stating that you object to Cox v. First Community Bank. You must include your name, address, telephone number, your signature, and the reasons you object to the settlement, along with any evidence or legal argument that supports your objection. You must mail the objection to the following address postmarked no later than November15, 2024:
Cox v. First Community Bank Exclusions
P.O. Box 301172
Los Angeles, CA 90030-1172
Objecting is simply telling the Court that you don’t like something about the settlement. You can object only if you stay in the Class. Excluding yourself is telling the Court that you don’t want to be part of the Class. If you exclude yourself, you have no basis to object because this case no longer affects you.
The Court will hold a Final Approval Hearing at November 25, 2024 at 3:00 P.M. at the Robert C. Byrd United States Courthouse in Charleston, West Virginia or by telephonic or video conference, which will be listed on the settlement website. At this hearing, the Court will consider whether the settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. The Court will listen to people who have asked to speak at the hearing and complied with question 20 of this website. The Court may also decide how much to pay Class Counsel. After the hearing, the Court will decide whether to approve the settlement. We do not know how long these decisions will take. You are not required to attend this hearing.
No. You are welcome to come at your own expense if you wish, but Class Counsel will answer questions the Court may have. If you send an objection, you don’t have to come to Court to talk about it. As long as you mailed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it’s not necessary.
You may ask the Court for permission to speak at the Final Approval Hearing. To do so, you must send a letter stating that it is your “Notice of Intention to Appear in Cox v. First Community Bank.” You must include your name, address, telephone number, your signature, and any evidence you intend to use at the hearing. Your Notice of Intention must be postmarked no later than November 15, 2024, and be sent to the address listed under question 16 of this notice. If you hire a lawyer to speak for you, he or she must also comply with the requirements of this paragraph and must file an appearance in accordance with the applicable rules of the Court.
If you do nothing, you will be a part of this settlement, and you will be provided the payments or account credit and any other benefits provided by the settlement once it becomes final and any appeals are successfully resolved in favor of the settlement. In exchange for the payment or credit and/or debt forgiveness, you won’t be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendant relating to the claims released in the Settlement Agreement.
The notice and this website summarize the proposed settlement. More details, including the Settlement Agreement, are available on the settlement website, www.CoxOverdraftFeeSettlement.com. You can also call toll free 1-888-726-1575. Be sure to state that you are calling about the Cox v. First Community Bank settlement.