Navy Federal Credit Union settles personal loans class action suit; here's how to file a claim
SAN FRANCISCO (KGO) -- Members of Navy Federal Credit Union could be entitled to part of a class action settlement, following allegations the credit union failed to prevent third parties from opening unauthorized loans in their names.
According to the filing, fraudulent loans were opened under members' accounts, and Navy Federal failed to cancel the loans even after scammers posing as credit union employees convinced those members to move the deposited loan money into unknown accounts.
While Navy Federal has denied these claims and all liability, they have agreed to a settlement. Qualifying members will have those loans canceled, and any payments reimbursed. They will also receive $250.
To qualify, you must be a member of Navy Federal Credit Union and have received a personal loan between Jan. 1, 2023, and Jan. 31, 2025, and had the money deposited in your account.
You must have also reported the loan as fraudulent and have been denied by Navy Federal.
The deadline to submit your settlement claim is Nov. 29.
Click here for more information, including full qualification requirements and claim form.
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