Proposed RCI Weeks Class Action Settlement

aka: A LITTLE LIGHT BED TIME READING (FOR INSOMNIACS)


For any interested here is a link to the agreement that has yet to be approved by the courts:

http://www.weeksprogramsettlement.com/pdf's/Settlement%20Agreement.pdf

I like the 2 years of request first option myself!!!

Holy snipes! That's 280 pages!!!

This could take a little while, but I have time

I'm just skimming, but some highlights

1) RCI will disclose the trading power for specific Vacation time to the Member, prior to its deposit.

2) RCI will tell you what currently available inventory a proposed deposit could be traded for

3) The information above will be available online

4) RCI guarantees not to rent more time than they provide to the pool, except 90 days prior to the vacation time and excluding vacation time used to acquire "alternative inventory" whatever that is.

5) For the next two years, any deposit made more than 1 year in advance is guaranteed to be available for exchange (not rental) for 31 days. (I wonder what percentage of exchanges are deposited more than a year in advance :rofl: )

It keeps going from there (I only made it to page 15)


Michael

biz,
Much of the definitions and stuff up front you can skip. The end is a copy of the RCI disclosures guide and a list of people who paid to extend deposit availability.

Alternative inventory, as I understand it, is units that they acquire NOT through deposit. (developer inventory, or inventory acquired through trades with other exchange systems, etc.)



Excellent summary, may I add:
Settlement: (must submit paperwork to RCI)

Current members can choose:
1. Request first for 2 years
2. $100 cruise certificate ($100 off up to each of 4 cabins on same itinerary)
3. membership rebate
4. A free night of rental when another night is purchased (subject to availability)
5. Prorated refund of subscription fees

Previous members (back to ~2000) may choose:
1. $15 check
2. $15 off RCI membership

I think the bottom line is that they can not skim a bunch of deposits for rental unless they replace them with "alternative inventory". RCI admits no "wrong doing" but I believe all this started and was demonstrated in discovery that RCI was padding their bank accounts by skimming off deposits for rental because they could make more money from them.



All of this stuff must be published on the web site and in endless vacations magazine and in a major paper.