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Case ID: 2897 | Credit / Debt | 08/30/2004
A class action has been filed against Bank of America, N.A. by South Carolina mortgage holders who have paid their mortgages in full, alleging that Bank of America has violated South Carolina law by not entering notice into the public record that the class members have satisfied their mortgage.
South Carolina law requires that a mortgage holder record the satisfaction of a mortgage within three months of payoff. The law provides damages of $25,000 or one-half the value of the mortgage (whichever is less) in the event of a failure to record satisfaction within the timeframe required. Class members are seeking these damages for the class, as well as an injunction requiring Bank of America to follow the requirements of the law for all South Carolina mortgage holders. This case was originally filed in South Carolina state court, but was removed to federal court by Bank of America. 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 in New York against collection specialists, Global Recovery & A/R Associates, Inc. The action is brought on behalf of all New York residents who received alleged misleading "form" type collection letters from Gobal Recovery. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. 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 statewide class action has been filed in Indiana against collections specialist Account Receivable Collections, LLC. The action is brought on behalf of all Indiana consumers who received an initial collection letter from Account Receivable that demanded immediate payment of their debt. The action is brought under the Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. Yahoo Agrees to Settle with Checkmate. A class action lawsuit has been filed against LendingTree and its subsidiary, Home Loan Center Inc. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Radian Group Inc. (“Radian” or the “Company”) (NYSE:RDN - News) who purchased securities of the Company between January 23, 2007 and July 31, 2007 (the "Class Period"), have until October 15, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Eastern District of Pennsylvania. No class has yet been certified in this action. |
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