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Case ID: 3143 | Credit / Debt | 05/19/2004
The parties have reached a tentative settlement in a nationwide action filed against General Motors Acceptance Corporation on behalf of African Americans who allege that, as a result of company policies, dealers routinely charged black consumers higher interest rates on auto loans than whites with similar financial histories in violation of the federal Equal Credit Opportunity Act. Persons eligible to take part in the settlement should contact attorneys for the class for more information.
The plaintiffs allege that GMAC has established a specific, identifiable and uniform credit The Wall Street Journal reported on January 30, 2004, that, as part of the deal, GMAC has offered to put tighter limits on dealer increases on interest rates set by GMAC. The lender also is expected to agree to more complete disclosure to customers and changes in the way it compensates dealers for arranging loans. In a report released in early 2004, the Consumer Federation of America said dealers typically increase financing rates by several percentage points, costing consumers $1 billion. The group said blacks and Hispanics are the most frequent targets of the markups. The court ordered that the settlement agreement be submitted to it by 5 p.m. on the afternoon of February 2, 2004. The settlement will not be effective until the court grants it final approval. The court has not yet scheduled a hearing on the matter. 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 State and federal laws require that lenders deal with consumers in a straightforward and honest manner. The parties have reached a tentative partial settlement in a national class action against lenders First Union National Bank of Delaware, First Union Home Equity Bank, and First Union Home Equity Corporation on behalf of all persons who obtained a home equity or other loan that resulted in a mortgage from the lenders that was brokered or referred to First Union by either Pennsylvania Resource Corporation or First Liberty Financial Services at any time between May 10, 1995, and the eventual date of any judgment in the action.
If a telemarketer asks you for money up front, you should question the wisdom of paying. The Federal Trade Commission has reached a $3.9 million settlement with the Electronic Financial Group, Inc. on behalf of consumers who were taken advantage of by the defendants in advance-fee debit card marketing scams. Persons eligible to take part in the settlement should contact the FTC for more information. Several class actions have been filed against financial services company UICI (NYSE:UCI) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2000, and July 21, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against U.S. Bank and its Indiana collections attorney, Septtimous Taylor, by Indiana residents whose mortgage is held by U.S. Bank and who, at any time since October 10, 2001, were charged foreclosure fees and court costs although foreclosure actions had not been filed in court. Additionally, the action claims that Taylor violated the federal Fair Debt Collection Practices Act. The action seeks restitution and compensatory and statutory damages. There is evidence that the some mortgage and loan companies commonly use "junk" fees to pad their profits unlawfully. The class has been certified in a class action filed against lender Washington Mutual, Inc. on behalf of mortgage borrowers who allege that since 1995 the company has charged them unlawful junk fees at the end of their mortgages in violation of their contracts and state consumer protection laws. A statewide class action has been filed in New York against collections specialist, Trans-Continental Credit & Collection Corporation. The action is brought on behalf of all New York residents who have received collection letters from Trans-Continental that contain language that consumers claim is deceptive, unfair and contains false threats. The action is brought under the federal Fair Debt Collections Practices Act and seeks statutory damages as well as injunctive and declaratory relief. |
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