Civil No. 3:22cv146 (DJN) in the United States District Court for the Eastern District of Virginia

Case Home

Click here to download the class notice in Spanish.


If You Obtained a Loan from
Golden Valley, Silver Cloud, Majestic Lake or Mountain Summit,
You Could Get a Cash Payment.

A federal court ordered the notice that you received. This is not a solicitation from a lawyer.

• Read the Notice. It states your rights and provides you with information regarding the settlement of a proposed nationwide Class Action (“Settlement”) against individuals and entities involved with the making of online loans in the name of Golden Valley, Silver Cloud, Majestic Lake, and Mountain Summit. The settling parties, listed below, are referred to here as “Defendants.”
• The Notice is a summary of information about the Settlement and explains your legal rights and options because you are a member of the class of borrowers who will be affected if the Settlement is approved by the Court. The complete terms of the proposed Settlement are available on the Important Court Documents page of this website. You may also contact Class Counsel for further details and advice.
• A lawsuit was brought on behalf of all individuals who obtained a loan from Golden Valley, Silver Cloud and/or Majestic Lake, regardless of the date of the loan, and all individuals who obtained a loan from Mountain Summit prior to February 1, 2021. The lawsuit claimed that Defendants participated in an enterprise to offer loans through these entities at annual interest rates greater than what is permitted by state laws. Defendants deny all allegations in this lawsuit.
• The lawsuit follows an earlier suit relating to the same loans that resulted in cancellation of the loans at issue and cash payments to some Class Members.
• As part of the proposed Settlement, Defendants have agreed to pay into a settlement fund, which will be used to make cash payments to some Class Members who meet specific criteria. Defendants have also agreed not to provide support to Golden Valley, Silver Cloud, Majestic Lake, or Mountain Summit for at least three (3) years, or to assist with collection of any loans at issue in this lawsuit.

DO NOTHING                  You will remain a member of the Settlement Class and may be eligible for benefits, including cash payments. You will give up rights to ever sue Defendants and other, related parties about the legal claims that are in or could have been brought in this lawsuit.
You can opt out of the Settlement and you will not be eligible for any benefits, including any cash payments. This is the only option that allows you to keep any rights you have to bring, or to become part of, another lawsuit involving the claims being settled. There is no guarantee that another lawsuit would be successful or would lead to a larger or better recovery than this Settlement.
OBJECT TO THE SETTLEMENT     If you do not exclude yourself from the Settlement, you may write to the Court about why you don’t like the Settlement or why the Court should not approve it.