Navy Federal Credit Union $1.7M Class Action Settlement
Navy Federal Credit Union (NFCU) has agreed to a $1.7 million settlement to resolve a proposed class-action lawsuit alleging violations of the Electronic Funds Transfer Act (EFTA) and its own account agreements for improperly denying claims of unauthorized electronic fund transfers. Key facts of the settlement The case is titled Stephenson v. Navy Federal Credit Union, filed as Case No. 3:23-cv-01851. The settlement covers account holders who submitted a claim of an unauthorized electronic fund transfer to NFCU that was denied between October 10, 2022 and August 20, 2025 . Two subclasses are defined: The “Written Explanation Settlement Class” – those whose claim was denied and who did not receive an adequate written explanation of the denial. The “Document Request Settlement Subclass” – those in the first class who also requested supporting documentation of the denial decision and did not receive them. Eligible class members who submit a valid claim will ...