Bingham v. Acorns Grow, Inc. and Acorns Advisers, LLC
Superior Court of California for the County of Orange
Case No. 30-2019-01050842-CU-NP-CXC

If you received an overdraft fee or insufficient funds fee from your funding source bank after a transfer to Acorns, you may be entitled to benefits under a class action settlement.

A state court authorized this Notice. This is not a solicitation from a lawyer.

A proposed settlement will provide a total $2,500,000.00, including legal fees, costs, and expenses (the “Settlement Fund”) to fully settle and release claims of all persons to whom the Notice is directed and as defined by the Settlement Class described on this website.

Plaintiff alleges that customers experienced an improper overdraft or nonsufficient funds fee charged by their funding source or financial account on the same day or the day after they made a transfer from this funding source or financial account to Acorns. The Plaintiff claims that Acorns should have better disclosed the risk that third-party financial institutions could charge fees if customers did not keep sufficient funds in their accounts. Defendants deny each and every one of Plaintiff’s allegations of unlawful conduct, damages, or other injuries. The Court has not ruled on the merits of Plaintiff’s claims or Defendants’ defenses, and has not decided who is right. By entering into the settlement, the Defendants have not conceded the truth or validity of any of the claims against them, and deny these claims.

The Settlement Fund shall be used to pay all amounts related to the settlement, including awards to Settlement Class Members who do not timely request to be excluded from the settlement, attorneys’ fees and costs to attorneys representing Plaintiff and the Settlement Class (“Class Counsel”), any service award for Named Plaintiff and the costs of notice and administration of the settlement. Monies remaining in the Settlement Fund after these payments are made will be redistributed on a pro rata basis to those Settlement Class Members who received an electronic fund transfer or cashed his or her initial Settlement Award check and/or to a cy pres recipient described on this website.

Through the settlement, the Defendants have also agreed to certain injunctive relief and changes to their business practices for the benefit of Settlement Class Members. These benefits are more fully described in the Settlement Agreement, which can be found under the Case Documents tab of this website.

Your rights and options, and the deadlines to exercise them, are explained in the Notice. Your legal rights are affected whether you act or don’t act. Read the Notice carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
DO NOTHING	If you do nothing, you will have the ability to receive a payment and will give up your rights to sue the Defendant and/or any other released parties on a released claim.
EXCLUDE YOURSELF OR "OPT OUT" OF THE SETTLEMENT	If you ask to be excluded, you will not receive a payment.  This is the only option that allows you to pursue your own claims against the Defendant and/or other released parties in the future.  The deadline for excluding yourself is May 31, 2022.
OBJECT TO THE SETTLEMENT	Write to the Court about why you believe the settlement is unfair in any respect.  The deadline for objecting is May 31, 2022.
GO TO THE FINAL APPROVAL HEARING	Ask to speak in Court about the fairness of the settlement.  To speak at the Final Approval Hearing, you must file a document including your name, address, telephone number and your signature with the Court stating your intention to appear, no later than May 31, 2022, and comply with other obligations in the Settlement Agreement.

These rights and options—and the deadlines to exercise them—are explained in the Notice.

The Court in charge of this case still has to decide whether to approve the settlement. Payments will be made if the Court approves the settlement and after any appeals are resolved.