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Case ID: 2532 | Credit / Debt | 08/05/2003
On July 28, 2003, the court granted final approval to the parties' $12.6+ million settlement in a class action against AccuBanc Mortgage Corporation and National City Mortgage Company on behalf of all persons who paid document preparation, documentation or document processing fees, processing fees, administrative fees, underwriting fees or wire fees to either or both of the companies in connection with the origination of a residential mortgage in California between May 3, 1996, and April 21, 2003. The action alleged that the companies had assessed these fees without correctly disclosing or reporting them in violation of California's Business and Professions Code and its Real Estate Settlement Procedures Act. Claims must be postmarked by September 18, 2003, to be considered valid.
The benefits are defined according to when the mortgage was originated: 1. Either $25 in cash or a $300 coupon, having an expiration period of eighteen months, to be applied against the total of any and all expenses incurred in connection with the origination of a new or refinanced loan from National City if the loan was originated between May 3, 1996, and October 28, 1999. 2. Either $145 in cash or a $300 coupon having an expiration period of eighteen months, to be applied against the total of any and all expenses incurred in connection with the origination of a new or refinanced loan from National City if the loan was originated between October 29, 1999, and June 1, 2001. 3. A $300 coupon having an expiration period of eighteen months, to be applied against the total of any and all expenses incurred in connection with the origination of a new or refinanced loan from National City if the loan was originated between June 2, 2001, and April 21, 2003. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest A class action lawsuit has been filed in federal court against Collection Wizzards. The case involves violations of federal fair debt collection practices law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. The parties have reached a settlement apparently valued at $6.5 million in a 38-state action filed against Ford Motor Credit Corporation on behalf of Ford and Lincoln Mercury “Red Carpet” lease customers who allege that the company overcharged them for early lease termination fees between 1991 and 1995. Persons eligible to take part in the settlement should contact the settlement claims administrator for more information. If you fall behind on your car payments, California law allows the lender to repossess your car without any notice. A class action has been filed against Nissan Motor Acceptance Corporation on behalf of Californians who had auto loans with the company and had their autos repossessed and sold at auction, leaving them with deficiency judgments to pay even though they lost the auto. A national class action has been filed in California against internet giant, Yahoo!, Inc. The action is brought on behalf of all U.S. residents who have purchased credit repair services from Yahoo!, known as "Yahoo! Credit Manager." The action is brought under the federal Credit Repair Organizations Act as well as common law contract and seeks compensatory, punitive and statutory damages as well as disgorgement of profits, injunctive relief and the establishment of a constructive trust. Merchants Decry American Express Company's Use of Market Power to Muscle Into the Credit Card Market A company that has a great deal of power in one market should not be able to legally use that power to leverage its way into other markets--this is the heart of many antitrust actions. A class action has been filed against American Express Company on behalf of merchants who accept the company's charge cards, alleging that American Express uses its market power unlawfully to force class members to accept its credit cards at excessive rates in violation of federal antitrust laws.
A class action has been filed against debt collection agency Enhanced Recovery Corporation on behalf of all persons with Illinois addresses, to whom a collection letter was sent between July 16, 2003, and July 16, 2004. The action alleges that the defendants violated the federal Fair Debt Collection Practices Act by using deceptive trade practices in its attempts to collect a debt. |
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