Sherrell v. Great Southern Bank
Oct 02, 2014OUTCOME: Settlement - $5.4 million
A class action settlement involving Great Southern Bank was preliminarily approved in the Circuit Court of Greene County, Missouri on June 11, 2014. Under the proposed Settlement, all persons who were ... residents of Missouri, Arkansas, Arizona, Indiana and Connecticut who borrowed money from Great Southern Bank to finance an automobile, boat, trailer or other consumer goods (“collateral”) and either voluntarily surrendered the collateral or had it repossessed between February 16, 2007 and February 16, 2011, are settlement class members and might be eligible to receive a benefit from a class action settlement. The settlement resolves a lawsuit concerning the notice that Great Southern Bank sent to borrowers in default of their loan obligations prior to Great Southern Bank selling the collateral, and will provide qualifying persons or businesses who file valid claims on or before August 25, 2014 with a one-time payment equal to 30% of the amount defined in Section 400-9.625 of the Revised Missouri Statutes. The actual amount varies with the original amount of the loan from Great Southern Bank and the amount of interest that was paid on the loan.