On November 7, the U.S. District Court for the Eastern District of North Carolina granted final approval of a class action settlement, finding the agreement fair, reasonable and adequate for the class. The complaint stemmed from allegations by three residents that “rent-to-own” contracts for portable storage sheds violated the North Carolina Retail Installment Sales Act, which caps finance charges on consumer credit sales.
The court certified the class as outlined in its preliminary approval order and the settlement agreement, and awarded class counsel $2,309,448.53 in fees and costs, plus $10,000 each to the three class representatives, all to be paid from the settlement fund. The court ordered that if unclaimed or uncashed checks remain and a second distribution is economically reasonable, those funds would be redistributed to verified class members who cashed their initial checks. If a second distribution is not feasible, or funds remain after a second distribution, the balance would be donated to the Wounded Warrior Project.
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