Sunday, August 21, 2011

Class Members In Robosigner Class Action Get Screwed Over; Judge 'Green Lights' $17 Settlement While Lead Plaintiffs Walk With $8K, Debt Expungement

In Toledo, Ohio, Business First reports:

  • A class-action suit filed in 2008 in Ohio that sparked the “robo-signing” allegations that have rocked the nation's foreclosure pipeline has resulted in a settlement, the Toledo Blade reports.

  • U.S. District Court Judge David Katz granted approval of a $5.2 million settlement in Midland Funding vs. Brent, a case in which an Erie County woman lobbed charges of false affidavits used to secure judgments against borrowers.

  • Each of the roughly 133,000 people sued by Midland or a subsidiary will receive about $17 while lead plaintiffs will get $8,000 and have their debts expunged, the paper reported.(1)

  • A similar case filed by former Ohio Attorney General Richard Cordray in 2010 is pending in a Toledo federal court while attorneys await the outcome of a state Supreme Court case, the paper reported.

Source: 'Robo-signing' foreclosure case that set precedent settled.

(1) No mention of how much loot the plaintiffs' attorneys are dancing away with, or whether the now-twice-victimized class members will decline accepting their 'lucrative' score and opt out of the settlement (to go after this bankster in separate suits), round up the 'pitchfork brigade' to chase after the attorneys who sold them out, or just roll over in bed and go back to sleep in this latest illustration of the class action racket at work.

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