Navy Federal has agreed to establish a cash Settlement fund of $16.0 million from which Settlement Class Members will receive payments or Account credits. The amount of such payments or Account credits cannot be determined at this time. However, it will be based on the number of Settlement Class Members and the amount of Relevant NSF Fees each Settlement Class Member was charged as a result of Navy Federal's assessment of Representment NSF Fees on certain transactions. In addition to the Settlement Fund, Navy Federal has agreed to separately pay Settlement Administration Costs. Pursuant to the Court's approval, the Settlement Fund will also be used to pay a Service Award for the Class Representative, attorneys' fees awarded to Class Counsel, and reimbursement of Class Counsel's litigation expenses and costs.
Any Residual Funds that are not feasible and practical to distribute to individual Settlement Class Members will be provided to one or more charitable organizations ("cy pres" recipients). If Residual Funds remain, the parties will recommend to the Court as a cy pres recipient or recipients entities that work to promote financial literacy, including for members of the military or veterans.