Question 1

What is this lawsuit about?

Accepted Answer

The lawsuit that is being settled is entitled Alexander Beam et al.  v. Cobalt
Credit Union. It is pending in the Sarpy County District Court, Case No.
D59CI240000635. The case is a “class action.” That means that the “Class
Representatives,” Alexander Beam and Kenneth Randolph, are individuals who are
acting on behalf of current and former customers who were assessed certain
Overdraft and NSF fees (“Relevant Fees”) between April 12, 2019 and March 31,
2024.  The Class Representatives have asserted claims for breach of the account
agreement.

Defendant does not deny it charged the fees the Class Representatives are
complaining about, but contends it did so properly and in accordance with the
terms of its agreements and applicable law. Defendant therefore denies that its
practices give rise to claims for damages by the Class Representatives or any
Settlement Class Members.

Question 2

Why did I receive a Notice of this lawsuit?

Accepted Answer

You received a Notice
[https://angeion-public.s3.amazonaws.com/www.cobaltfeesettlement.com/docs/Cobalt+Credit+Union+Long+Form+Notice+08.21.2026_FINAL+(3).pdf]
because Defendant’s records indicate that you were charged one or more Relevant
Fees that are the subject of this action during the Class Period.  The Court
directed that a Notice be sent to all Settlement Class Members because each such
member has a right to know about the proposed settlement and the options
available to him or her before the Court decides whether to approve the
settlement.

Question 3

Why did the parties settle?

Accepted Answer

In any lawsuit, there are risks and potential benefits that come with a trial
versus settling at an earlier stage. It is the Class Representatives’ and their
lawyers’ jobs to identify when a proposed settlement offer is good enough that
it justifies recommending settling the case instead of continuing to trial. In a
class action, the Class Representatives’ lawyers, known as Class Counsel, make
this recommendation to the Class Representatives. The Class Representatives have
the duty to act in the best interests of the class as a whole and, in this case,
it is their belief, as well as Class Counsel’s opinion, that this settlement is
in the best interest of all Settlement Class Members.

There is legal uncertainty about whether a judge or a jury will find that
Defendant was contractually and otherwise legally obligated not to assess the
fees at issue.  And even if it was contractually wrong to assess these fees,
there is uncertainty about whether the Class Representatives’ claims are subject
to other defenses that might result in no or less recovery to Settlement Class
Members. Even if the Class Representatives were to win at trial, there is no
assurance that the Settlement Class Members would be awarded more than the
current settlement amount and it may take years of litigation before any
payments would be made. By settling, the Settlement Class Members will avoid
these and other risks and the delays associated with continued litigation.

While Defendant disputes the allegations in the lawsuit and denies any liability
or wrongdoing, it enters into the Settlement solely to avoid the expense,
inconvenience, and distraction of further proceedings in the litigation.

Question 4

How do I know if I am part of the Settlement?

Accepted Answer

If you received a Notice
[https://angeion-public.s3.amazonaws.com/www.cobaltfeesettlement.com/docs/Cobalt+Credit+Union+Long+Form+Notice+08.21.2026_FINAL+(3).pdf],
then Defendant’s records indicate that you are a member of one or both of the
Settlement Classes who is entitled to receive a payment or credit to your
Account.

Question 5

What options do I have with respect to the Settlement?

Accepted Answer

You have three options: (1) do nothing and you will receive a payment according
to the terms of this Settlement; (2) exclude [faqs?id=15] yourself from the
Settlement (“opt out” of it); or (3) participate in the Settlement but object
[faqs?id=17] to it.

FAQs

Basic Information

Who Is In the Settlement

Your Options

The Settlement Payment

Excluding Yourself From the Settlement

Objecting To the Settlement

The Court's Final Approval Hearing

The Lawyers Representing You

Getting More Information

Basic Information

1. What is this lawsuit about?

2. Why did I receive a Notice of this lawsuit?

3. Why did the parties settle?

Who Is In the Settlement

4. How do I know if I am part of the Settlement?

Your Options

5. What options do I have with respect to the Settlement?

6. What are the critical deadlines?

7. How do I decide which option to choose?

8. What has to happen for the Settlement to be approved?

The Settlement Payment

9. How much is the Settlement?

10. How much of the Settlement Fund will be used to pay for attorney fees and costs?

11. How much of the Settlement Fund will be used to pay the Class Representatives a Service Award?

12. How much will my payment be?

13. Do I have to do anything if I want to participate in the Settlement?

14. When will I receive my payment?

Excluding Yourself From the Settlement

15. How do I exclude myself from the Settlement?

16. What happens if I opt out of the Settlement?

Objecting To the Settlement

17. How do I notify the Court that I do not like the Settlement?

18. What is the difference between objecting and requesting exclusion from the settlement?

19. What happens if I object to the Settlement?

The Court's Final Approval Hearing

20. When and where will the Court decide whether to approve the Settlement?

21. Do I have to come to the hearing?

22. May I speak at the hearing?

The Lawyers Representing You

23. Do I have a lawyer in this case?

24. Do I have to pay the lawyer for accomplishing this result?

25. Who determines what the attorneys’ fees will be?

Getting More Information

26. How do I get more information?