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Settlement Agreement - Faris v. Flagstar Bank, FSB

Settlement Agreement - Faris v. Flagstar Bank, FSB 2026

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The document outlines the settlement agreement in the class action lawsuit Faris v. Flagstar Bank regarding overdraft fees assessed on debit transactions that did not exceed account balances. It details the procedural history, including motions for summary disposition, discovery processes, and the eventual settlement terms where Flagstar agrees to pay $7.7 million into a Settlement Fund for affected customers. The settlement includes provisions for class member notifications, rights to opt-out or object, and the distribution of funds based on eligible overdraft fees incurred during the specified class period from October 21, 2007, to October 8, 2015.

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Click ‘Get Form’ to open the Settlement Agreement - Faris v. Flagstar Bank, FSB in our platform.
Begin by reviewing the introductory section, which outlines the purpose of the agreement and key definitions relevant to your claims.
Fill in your personal information in the designated fields, ensuring accuracy for effective communication regarding your claim.
Carefully read through each section of the agreement, particularly focusing on the terms related to class membership and your rights as a Class Member.
If you wish to opt-out or object to any part of the settlement, follow the instructions provided in Section IX and ensure you submit any necessary documentation before deadlines.
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What is the Flagstar Bank controversy?

The SECs order finds that Flagstar negligently made materially misleading statements regarding the Citrix BdocHub, which resulted in, among other things, the encryption of data, network disruptions, and the exfiltration of the personally identifiable information (PII) of approximately 1.5 million individuals,

Is Flagstar Bank trustworthy?

Flagstar Bank has an A- rating from the Better Business Bureau.

Is Flagstar Bank in financial trouble?

More Financial Losses Despite ongoing losses, Flagstars Q4 report provided some encouraging signs. The bank posted a $160M net loss, a sharp improvement from its $280M loss in Q3 and a staggering $2.7B loss in 4Q23. Additionally, provisions for credit losses fell by 55% ($124M) to $108M in Q4, an 80% decline from Q4.

Is my money safe at Flagstar Bank?

Yes! Flagstar is an FDIC-insured bank, which means customer checking account deposits are insured up to at least $250,000 per depositor for each deposit category. For more information, please contact our Customer Service Center at 888-248-6423, stop by a branch, or visit the FDIC website at fdic.gov.

Who took over the Flagstar Bank mortgage?

Cooper Group, the nations largest home servicer, announced today the closing of its previously announced acquisition of Flagstar Banks mortgage operations, including the acquisition of mortgage servicing rights (MSRs), advances, subservicing contracts, and Flagstars TPO platform for approximately $1.3 billion in

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