Breaking News: USAA Pays Record $64.2 Million Settlement for Military Loan Abuse

USAA Pays $64.2 Million to Settle Lawsuit Over Military Loans

Military Families Receive Compensation for Illegal Interest Rates and Fees

According to Military, USAA, a big company that helps military families, has agreed to pay $64.2 million to settle a lawsuit. The lawsuit said that USAA’s banks did not follow the rules and charged high interest rates to people who were serving in the military. This is against the law.

The lawsuit was filed by four people who said that USAA‘s banks did not follow the rules. They claimed that the banks did not lower interest rates or fees for people who were serving in the military. The banks also took away cars from service members and charged them too much. The government found that USAA‘s banks broke the rules many times.

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Breaking News: USAA Pays Record $64.2 Million Settlement for Military Loan Abuse (PHOTO: GOOGLE)

USAA Settlement: Military Families to Receive Compensation

Under the settlement, USAA will pay each of the affected people around $200. This will help fix the problem. The lawyers who helped with the lawsuit will also get some of the money. The settlement is still waiting for approval from a judge. When approved, more information about the settlement will be available on a website.

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