CashCall Law Suit UPDATE

Got this in my email yesterday. What do you think?Re: IMPORTANT –THIS AFFECTS YOUR LEGAL RIGHTS; READ IT CAREFULLY

Dear CashCall Customer:

This email is official notice of a class action. A federal judge approved this Notice. This is not a solicitation from a lawyer. It is not a bill and does not require you to pay any money.

NOTICE OF CLASS ACTION


A federal judge has ordered the following consumer classes certified for class action treatment:

(1) "The Loan Unconscionability Class": "All individuals who, while residing in California, borrowed from $2,500 to $2,600 at an interest rate of 90% or higher from CashCall, Inc. for personal, family or household use on or after June 30, 2004 through July 10, 2011"; and (2) The "Conditioning Class": "All individuals who, while residing in California, borrowed money from CashCall, Inc. for personal, family, or household use on or after March 13, 2006 through July 10, 2011 and were charged an NSF Fee."
The case is O'Donovan v. CashCall, Inc., Case No. CV 08-3174 MEJ, in the US District Court in San Francisco. There is not yet a resolution of the case that would entitle you to money or other benefits.

WHAT IS THE CLASS ACTION ABOUT?


Plaintiffs Krista O'Donovan, Eduardo De La Torre, and Lori Kemply (formerly Lori Saysourivong) argue that CashCall's $2,500 to $2,600 loans with an interest rate of 90% or higher are unconscionable and violate California law. Plaintiffs also argue that CashCall violated the federal Electronic Funds Transfer Act by allegedly conditioning loans on borrowers making electronic payments. CashCall denies the allegations and claims in the lawsuit and denies that it violated any laws or engaged in any wrongful conduct. The Court has not yet decided whether CashCall violated any laws or whether plaintiffs or the class are entitled to recover. If you have any outstanding loan with CashCall, this Notice does not impact your current ongoing obligation to make all required payments when due.
WHAT ARE YOUR OPTIONS?


You can either DO NOTHING or ASK TO BE EXCLUDED:

DO NOTHING: If you DO NOTHING, you stay part of the class action. You will be bound by the outcome of the lawsuit and have a chance of getting any benefits that may come from a trial or a settlement. You will give up your right to sue CashCall separately about the same legal claims in this lawsuit.

ASK TO BE EXCLUDED: If you ASK TO BE EXCLUDED,

• You get out of the class action and will get no money or benefits from it.
• But you keep any rights to sue CashCall separately about the same legal claims in this lawsuit.
  
• To BE EXCLUDED, you must sign and mail a written request to be excluded to plaintiffs' counsel at one of the addresses below on or before October 18, 2012.
  

Arthur D. Levy
Law Office of Arthur D. Levy
445 Bush Street, 6th Floor
San Francisco, CA 94108

Whitney Stark
Rukin Hyland Doria & Tindall LLP
100 Pine Street, Suite 2150
San Francisco, CA 94111

HOW DO I GET MORE INFORMATION?

• Go to [URL="http://smtr.vertismail.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTMxMDk1MDUmbWVzc2FnZWlkPTEzMjgwMCZkYXRhYmFzZWlkPTIzNzUzNSZzZXJpYWw9MTY3OTM5MTkmZW1haWxpZD1rc2Nvcm5lbGxAY29tY2FzdC5uZXQmdXNlcmlkPUFRUXgyR2dBQUFDZEFZUUFHbEJBLTZJJnRhcmdldGlkPSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&2000&&&http://www.cashcallclasscertification.com"] www.CashCallClassCertification.com[/URL], where the Long Form Notice and other documents, Frequently Asked Questions and Answers, and other information, are posted.
• Call 1-888-736-2844 or email [email]cashcall@kccllc.com[/email].
• Write plaintiffs' counsel at one of the addresses above.
  
• Do not contact the Court or CashCall regarding this lawsuit.