Slayton v. Citibank
A class action complaint alleged that a bank sold confidential credit cardholder information to third party vendors. The class representatives and bank reached a settlement, and the trial court approved the settlement over the objections of a consumer organization and a small number of individual class members. The objectors primary contention is that the settlement is unfair because it commits the entire monetary recovery of $5 million (less costs of class notice) to educational and charitable organizations, without providing any direct compensation to class members. Court conclude that the trial court did not abuse its discretion in approving as fair and adequate the settlement agreement given the impracticability of direct compensation to a potential class of several million people.
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