1. What is this lawsuit about?
2. Why was the Notice issued?
3. Why did the parties settle?
4. How do I know if I am part of the Settlement?
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?
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 Representative an Incentive Award?
12. How much of the Settlement Fund will be used to pay the Settlement Administrator’s expenses?
13. How much will my payment be?
14. What am I giving up to stay in the Settlement Class?
15. Do I have to do anything if I want to participate in the Settlement?
16. When will I receive my check payment or account credit?
17. How do I exclude myself from the Settlement?
18. What happens if I opt out of the Settlement?
19. How do I notify the Court that I do not like the Settlement?
20. What is the difference between objecting and opting-out from the Settlement?
21. What happens if I object to the Settlement?
22. When and where will the Court decide whether to approve the Settlement?
23. Do I have to come to the hearing?
24. May I speak at the hearing?
25. Do I have a lawyer in this case?
26. Do I have to pay the lawyer for accomplishing this result?
27. Who determines what the attorneys’ fees will be?
28. How can I get more information?
The lawsuit that is being settled is entitled US Realty Group LLC v. New York Community Bank. It is pending in the United States District Court for the Eastern District of New York, Case No. 23-cv-01609-KAM-SIL. Eastern District of New York Judge Kiyo A. Matsumoto is overseeing this case.
The case is a “class action.” That means that the “Class Representatives,” Michelle Sapozhnikov and US Realty Group LLC are acting on behalf of current and former accountholders who were purportedly improperly assessed Retry Fees between March 2, 2017, and January 1, 2020, and OON Fees between August 20, 2020, and February 20, 2024. “Retry Fees” mean Non-Sufficient Funds Fees and Overdraft Fees that were charged during the Class Period, for Automated Clearing House (ACH) and check transactions that were re-submitted by a merchant after being returned by Defendant for insufficient funds. An OON Fee, as referenced in this action, is a second out-of-network ATM fee assessed on out-of-network ATM withdrawals preceded by a balance inquiry. Retry Fees and OON Fees are together referred to as “Relevant Fees” in the Notice. The Class Representatives have asserted claims for relief in the Amended Complaint for breach of contract, including the covenant of good faith and fair dealing on behalf of themselves and the Multiple Fee Class; unjust enrichment; and violations of New York General Business Law § 349, et seq. The Amended Complaint in this lawsuit can be found here.
Defendant does not deny it charged the fees the Class Representatives are complaining about, but Defendant 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, but Defendant is settling to avoid expense and distraction resulting from the litigation.
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The Court directed that the Notice be sent to all members of the Settlement Classes 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. If you received a Notice it is because Defendant’s records indicate that you were charged one or more Relevant Fees that are the subject of this Action.
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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’ job 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.
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If you received a notice, then Defendant’s records indicate that you are a member of one of the Settlement Classes who is entitled to receive a payment or credit to your account.
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You have three options:
Do nothing and you will receive a check payment or account credit according to the terms of this Settlement;
Exclude yourself from the Settlement (“opt out” of it); or
Participate in the Settlement but object to it.
Each of these options is described in a separate question below.
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There is no deadline to receive the Settlement benefits. If you do nothing, then you will get a check payment or account credit.
The deadline for sending a letter to exclude yourself from or opt out of the Settlement is December 15, 2025 (see Question 17).
The deadline to file an objection with the Court is also December 15, 2025 (see Question 19).
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If you do not like the Settlement and you believe that you could receive more money by pursuing your claims on your own (with or without an attorney that you could hire) and you are comfortable with the risk that you might lose your case or get less than you would in this Settlement, then you may want to consider opting out.
If you believe the Settlement is unreasonable, unfair, or inadequate and the Court should reject the Settlement, you can object to the Settlement terms. The Court will decide if your objection is valid. If the Court agrees, then the Settlement may not be approved and no payments will be made to you or any other member of the Settlement Class. If your objection (and any other objection) is overruled, and the Settlement is approved, then you may still get a payment and will be bound by the Settlement, including the release of claims.
If you want to participate in the Settlement, then you don’t have to do anything; you will receive a payment or account credit if the Settlement is approved by the Court.
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The Court has to decide that the Settlement is fair, reasonable, and adequate before it will approve it. The Court already has decided to provide Preliminary Approval of the Settlement, which is why you received a Notice. The Court will make a final decision regarding the Settlement at a “Final Approval Hearing,” which is currently scheduled for January 13, 2026 (see Question 22).
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Defendant has agreed to create a Settlement Fund of $1,233,500.00.
As discussed separately below, attorneys’ fees, litigation costs, the Incentive Award, and the costs paid to a third-party Settlement Administrator to administer the Settlement (including mailing and emailing Notice) will be paid out of the Settlement Fund. The Net Settlement Fund will be divided among all Settlement Class Members entitled to Settlement Class Member Payments based on formulas described in the Settlement Agreement. The Settlement Agreement is available here.
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Class Counsel will request the Court to approve attorneys’ fees of not more than $411,166.70, equal to 1/3 (33-1/3%) of the value of the Settlement and will request that it be reimbursed for litigation costs incurred in prosecuting the case estimated to be $8,085.97. The Court will decide the amount of the attorneys’ fees and costs based on a number of factors, including the risk associated with bringing the case on a contingency basis, the amount of time spent on the case, the amount of costs incurred to prosecute the case, the quality of the work, and the outcome of the case.
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Class Counsel will request that the Class Representatives each be paid an Incentive Award in the amount of up to $15,000.00 for their work in connection with this case. The Incentive Award must be approved by the Court.
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The Settlement Administrator estimates its expenses at $64,439.00.
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The balance of the Settlement Fund after attorneys’ fees and costs, the Incentive Award, and the Settlement Administrator’s fees, also known as the Net Settlement Fund, will be divided among all Settlement Class Members entitled to Settlement Class Member Payments in accordance with the formulas outlined in the Settlement Agreement. Current Accountholders will receive a credit to their accounts for the amount they are entitled to receive. Past Accountholders shall receive a check from the Settlement Administrator.
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If you stay in the Settlement Class, all of the decisions by the Court will bind you, and you give Defendant a “release.” A release means you cannot sue, continue to sue, or be part of any other lawsuit against Defendant about the legal issues in this case. As of the Effective Date, you shall automatically be deemed to have fully and irrevocably released and forever discharged Defendant from any and all liabilities, rights, claims, actions, causes of action, demands, damages, costs, attorneys’ fees, losses and remedies, whether known or unknown, existing or potential, suspected or unsuspected, liquidated or unliquidated, legal, statutory, or equitable, based on contract, tort or any other theory, that arise from or relate to Defendant’s assessment of Retry Fees or OON Fees, and claims that were asserted or could possibly have been asserted in the Action relating Defendant’s assessment of Retry Fees or OON Fees. More information about the release may be found in the Settlement Agreement.
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No. If you received a Notice, then you may be entitled to receive a check payment or credit for Relevant Fees without having to make a claim, unless you choose to exclude yourself from the Settlement, or “opt out” (see Question 17).
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The Court will hold a Final Approval Hearing on January 13, 2026, at 10:30 a.m. to consider whether the Settlement should be approved (see Question 22). If the Court approves the Settlement, then payments should be made or credits should be issued within 30 days of the Effective Date. However, if someone objects to the Settlement, and the objection is sustained, then there may be no Settlement. Even if all objections are overruled and the Court approves the Settlement, an objector could appeal, and it might take months or even years to have the appeal resolved, which would delay any payment.
Subject to Court approval, any Residual Funds from uncashed checks remaining after the first distribution shall be distributed on a pro rata basis to Settlement Class Members who either cashed their checks or received Account credits, to the extent feasible and practical in light of the costs of administering such subsequent payments, unless the amounts involved are too small to make individual distributions economically feasible or other specific reasons exist that would make such further distributions impossible or unfair. Should such a second distribution be made, the participating Settlement Class Members will be sent a check by the Settlement Administrator. Any second distribution checks shall be valid for 90 days.
Also subject to Court approval, in the event the costs of preparing, transmitting, and administering such subsequent payments to Settlement Class Members do not make individual distributions economically feasible or practical, or other specific reasons exist that would make such further distributions impossible or unfair, or if such a second distribution is made and Residual Funds still remain, the Residual Funds shall be distributed to a cy pres recipient approved by the Court. The Parties agree to propose the Community Service of Society of New York’s Financial Coaching Corps Program as the cy pres recipient.
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If you do not want to receive a payment or if you want to keep any right you may have to sue Defendant for the claims alleged in this lawsuit, then you must exclude yourself, or “opt out.”
To opt out, you must send a letter to the Settlement Administrator that you want to be excluded. Your letter can simply say “I hereby elect to be excluded from the settlement in the US Realty Group LLC, et al v. New York Community Bank class action.” Be sure to include your name, the last four digits of your current or former account number(s), address, telephone number, and email address (if any). Your exclusion or opt out request must be postmarked by December 15, 2025, and sent to:
US Realty Group LLC, et al v. New York Community Bank
c/o Settlement Administrator
P.O. Box 25226
Santa Ana, CA 92799
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If you opt out of the Settlement, you will preserve and not give up any of your rights to sue Defendant for the claims alleged in this case. However, you will not be entitled to receive a check payment or credit from the Settlement.
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You can object to the Settlement or any part of it that you do not like if you do not opt-out from the Settlement. (members of the Settlement Classes who opt-out from the Settlement have no right to object to how other Settlement Class Members are treated.) To object, you must send a written document by mail or private courier (e.g., Federal Express) to the Settlement Administrator at the address below. Your objection must include the following information:
the name of the Action; US Realty Group LLC, et al v. New York Community Bank
the objector’s full name, address, telephone number, and email address ( if any);
all grounds for the objection, accompanied by any legal support for the objection known to the objector or objector’s counsel;
the identity of all counsel who represent the objector and whether they will appear at the Final Approval Hearing;
a list of all persons who will be called to testify at the Final Approval Hearing in support of the objection; and
a statement confirming whether the objector intends to personally appear and/or testify at the Final Approval Hearing.
All objections must be post-marked no later than December 15, 2025, and must be mailed to the Settlement Administrator as follows:
US Realty Group LLC, et al v. New York Community Bank
c/o Settlement Administrator
P.O. Box 25226
Santa Ana, CA 92799
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Objecting is telling the Court that you do not believe the Settlement is fair, reasonable, and adequate for the Settlement Class, and asking the Court to reject it. You can object only if you do not opt-out of the Settlement. If you object to the Settlement and do not opt-out, then you are entitled to a check payment or credit for Relevant Fees if the Settlement is approved, but you will release claims you might have against Defendant.
Opting-out is telling the Court that you do not want to be part of the Settlement, and do not want to receive a check payment or credit for Relevant Fees or release claims you might have against Defendant for the claims alleged in this lawsuit.
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If the Court sustains your objection, or the objection of any other member of the Settlement Class, then there may be no Settlement. If you object, but the Court overrules your objection and any other objection(s), then you will be part of the Settlement; provided, however, that an objection to Class Counsel’s requested attorneys’ fees and costs or to the requested Incentive Award amount, may result in approval of the Settlement but the award of a lower attorneys’ fee and cost amount or lower Incentive Award. If you object, but the Court overrules your objection and any other objection(s), then you will be part of the Settlement. If the Court approves the Settlement, then the objector will participate in the Settlement. If the Court does not approve the settlement, then there is no Settlement.
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The Court will hold a Final Approval Hearing at 10:30 a.m. on January 13, 2026, in Chambers S905 of the United States District Court for the Eastern District of New York, which is located at the United States Courthouse, 225 Cadman Plaza East, Brooklyn, New York 11201. At this hearing, the Court will consider whether the Settlement is fair, reasonable and adequate. If there are objections, the Court will consider them. The Court may also decide how much to award Class Counsel for attorneys’ fees and litigation costs and the amount of the Incentive Award to the Class Representatives. The hearing may be virtual, in which case the instructions to participate shall be posted on this Settlement Website. Also, if the date and/or location of the Final Approval Hearing changes, that information will be posted on this website.
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No. Class Counsel will answer any questions the Court may have. You may attend if you desire to do so. If you have submitted an objection, then you may want to attend.
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If you have objected, you may ask the Court for permission to speak at the Final Approval Hearing. To do so, you must include with your objection, described in Question 19, above, the statement, “I hereby give notice that I intend to appear at the Final Approval Hearing.” The Court will consider your objection even if you do not appear.
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The Court ordered that the lawyers and their law firms referred to in the Notice and this website as “Class Counsel” will represent you and the other Settlement Class Members. However, you may retain a lawyer to represent you at your own expense.
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No. Class Counsel will be paid directly from the Settlement Fund for the legal services provided to accomplish the Settlement for Settlement Class Members’ benefit. Class Counsel’s award of attorneys’ fees and costs is deducted from the Settlement Fund, reducing that amount in calculating the Net Settlement Fund from which Settlement Class Members will be paid.
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The Court will be asked to approve the amount of attorneys’ fees at the Final Approval Hearing. Class Counsel will file an application for attorneys’ fees and costs and will specify the amount being sought as discussed above. You may review a physical copy of the fee application at the Settlement Website when it is filed.
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This website and the Notice only summarize the proposed Settlement. More details are contained in the Settlement Agreement. The full Settlement Agreement and other related documents are available here.
For additional information about the Settlement and/or to obtain copies of the Settlement Agreement, or to change your address for purposes of receiving a payment, you should contact the Settlement Administrator as follows:
US Realty Group LLC, et al v. New York Community Bank
c/o Settlement Administrator
P.O. Box 25226
Santa Ana, CA 92799
For more information, you also can contact the Class Counsel as follows:
KALIEL GOLD PLLC | KALIEL GOLD PLLC |
WEITZ & LUXENBERG, PC | JENNINGS & EARLEY PLLC |
Please do not contact the Court or any representative of Defendant concerning this Settlement.
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