A number of significant legal opinions were released today on procedural and/or substantive issues affecting consumers. We'll be highlighting each of them in turn today.
First, the Sixth Circuit Court of Appeals struck down a settlement of three class action lawsuits arising out of the fraudulent signing of affidavits without personal knowledge in order to collect debts. Among the major flaws in the settlement was the minimal relief to class members, consisting of less then $20 for each of the 1.4 million members of the class. The defendants agreed to reform their practices going forward, but that's of little use to individuals who have already been harmed.
The case is Vassalle v. Midland Funding.
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Do these class notifications that go out describe that Midland Funding alleged robo signed affidavit that may have resulted in a judgment against you; and may have resulted in a judgment showing up on your credit report for 7 years; and may have unjustly increased the cost of future credit; and may result in declined credit; and may prevent you from refinancing or purchasing a home until paid; and may be…..
In other words, do these notices actually “explain” what may have/or will continue to happen to you, that this 17 dollars is expected to cover?