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Case ID: 4330 | Credit / Debt | 09/26/2005
A class action lawsuit was filed June 28, 2005 by California credit card holders and merchants against Cardsystems Solutions, Inc. and others alleging a failure to maintain adequate data security, which led to a security breach exposing over 40 million credit card holders to potential fraud.
The suit alleges that Cardsystems Solutions was negligent for failing to adequately secure consumers' credit card data, and for breaking Visa and MasterCard "Data Security Standards" which prohibit storing certain kinds of confidential consumer information. The lawsuit also alleges that Cardsystems Solutions, Merrick Bank, Visa and MasterCard have violated their duty to timely and properly inform consumers of the nature and degree of the alleged security breach. The suit claims that these violations constitute "unfair, unlawful and deceptive business practices" under California's Unfair Competition Law. The lawsuit seeks a declaration from the Court that Cardsystems violated the standard of care in its data security methods and that cardholders are entitled to notice of the nature and extent their private credit card data was compromised and on-going credit monitoring to prevent fraud. The attorney for the consumer and merchant class plaintiffs states "There are strong privacy laws and public policies in California protecting consumers' confidential financial information -- consumers, in our view, have the right to be immediately informed if the privacy and security of their credit card information have been violated so they can make an informed decision on whether to change account numbers or take some other prompt remedial action." 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 The parties have reached a tentative $120,000 settlement in an action filed against NCO Financial Systems, Inc. on behalf of all persons who took out a personal loan which was previously owned or serviced by Commercial Financial Services (CFS), and which was reported by NCO to one or more credit reporting agencies between October 10, 1999, and March 31, 2004. The action alleged that NCO violated the federal Fair Debt Collection Practices Act by reporting false information to credit reporting agencies. Persons eligible to take part in the settlement should contact attorneys for the class. Buying a home is a momentous (and stressful) process under the best of circumstances. It can be a nightmare when closing costs and settlement fees push the price of home ownership even higher. A class action lawsuit has been filed on behalf of home buyers against mortgage lender HSBC Mortgage Corp. The suit alleges that HSBC charged home purchasers settlement fees that were not fully earned or were marked up past their real value in violation of federal lending laws. The plaintiffs seek financial and other damages from HSBC.
A nationwide class action has been filed in New York against collection giant, Risk Management Alternatives, Inc. One of numerous class actions filed nationwide against the collection specialist, this action is brought on behalf of all U.S. residents who received a form type collection letter from Risk Management which demanded payment within 35 days to prevent reporting the debt to national credit reporting agencies. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. A class action lawsuit has been filed against Option One Mortgage Corp., a subsidiary of H&R Block, by consumers who received stated income mortgage loans. The complaint alleges that these creditors were charged pre-payment penalties that violated federal lending laws. The plaintiffs seek a refund of the penalties and other damages. 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. Auditing firms that don’t report accounting errors are in trouble these days. A class action has been filed against law firm Ernst & Young, LLP, on behalf of NextCard, Inc. shareholders who purchased NextCard securities between April 19, 2000, and October 30, 2001. The shareholders allege that the law firm, acting as NextCard’s auditor, actively participated in a scheme to defraud them in violation of federal securities laws. |
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