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Case ID: 2555 | Credit / Debt | 10/21/2003
The parties have reached a tentative settlement in a class action against Schewel Furniture Company, Inc. on behalf of all Virginia residents to whom the company improperly applied finance charges, thereby violating Virginia's Consumer Protection Act and the federal Truth in Lending Act. Persons who made financed purchases at a Schewel Furniture outlet in Virginia between July 1, 2000, and the eventual date of any judgment in the action will be able to participate in the settlement. The class is thought to include some 50,000 customers. The deadline for filing claims under the settlement is not available.
Some customers were allegedly charged for credit property insurance that did not cover tangible goods and had not been approved by the Virginia Insurance Bureau. Those customers may be able to recover that fee, which generally ranged from $50 to $100, in full or in part through the settlement. These credit property insurance refunds will apply to purchases after April 1, 2001. A second, larger group of customers was allegedly billed a $9.95 credit processing fee that was included in the "amount financed" portion of their bill, resulting in a higher interest rate. Those customers will receive a $4 refund under the proposed settlement. These refunds will go to customers who financed their purchases between July 1, 2000, and September 10, 2001. The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for October 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 has been filed against Equifax Information Services, LLC, a credit reporting agency, by Steven and Melody Millett after Steven’s Social Security number was stolen and used by another individual over the course of 13 years. The Milletts claim that Equifax should have known that the Social Security Number was being used by more than one person and that upon being notified of the error, should have corrected their error. The lawsuit alleges negligent misrepresentation, fraud and failure to comply with the Fair Credit Reporting Act and seeks damages and injunctive relief. A nationwide class action has been filed against credit repair service QCS Online, Inc., which does business as Quality Credit Services, on behalf of persons who paid the company up front for credit repair services. The action alleges that the company violates the federal Credit Repair Organizations Act by accepting payment before any promised service has been fully performed, and seeks unspecified compensatory and punitive damages. California law requires that mortgage companies fully disclose all charges and fees related to the origination of a residential loan. 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. Predatory lending, in the form of abusive subprime mortgage loans, payday loans, tax refund loans, and other lending scams, strips $16 billion from low-income consumers and communities in the U.S. each year. A $5+ million judgment has been entered against investment bank Lehman Brothers, Inc. and subsidiary Lehman Commercial Paper, Inc. in a class action filed on behalf of all persons who acquired mortgage loans from First Alliance Corporation from May 1, 1996, through March 31, 2000, that were underwritten by Lehman Commercial Paper. The money will not be distributed until all possible appeals have been exhausted.
A class action has been filed against First Capital Bank, an Oklahoma bank, by farmers who entered into loans with them and were charged high rates of interest. The loans were guaranteed by the Farm Service Agency (FSA) and subject to strict rules and regulations that were not followed. The class members also allege that the Bank used loan monies for their own purposes. Members seek compensation for interest paid, exemplary and punitive damages, and costs and attorney fees. The parties have reached a $1.65 million settlement in an administrative proceeding filed against Fairbanks Capital Corporation on behalf of nearly 40,000 Florida borrowers over claims that the company required illegal late fees and other charges. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action. |
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