Recent Mass Tort Litigation Cases Anyone considering a Bank of America class action case, or reading up on Wells Fargo class action cases should try to find out what the case law is for these types of lawsuits.  The reason case law is important is because lawsuits and legal decisions are based off of past decisions.  This means that if 15 consecutive lawsuits were filed and had similar outcomes, the 16th lawsuit will most likely have the same outcome.  So, knowing this information is vital. Cases Many lawyers and law firms have tried to find ways to help consumers keep their homes and find an even playing field when battling such large lenders as Countrywide, JPMorgan Chase and HSBC.  Wachovia class actions and others have been few and far between, but some attorneys are trying to fight the good fight.  In Complaint in The People of the State of California v. Countrywide Financial Corporation, state attorney generals filed a lawsuit against Countrywide on behalf of their constituent states’ populations.  Through these lawsuits, Bank of America agreed to offer $8.4 billion in direct loan relief to an estimated 400,000 borrowers nationwide to modify loans.  While this may sound like a great deal of money, it’s only $21,000 per homeowner, which may not make much of a dent in your foreclosure problem depending on the value of your house. In 2008 the City of Cleveland sued a number of banks in Cleveland v. Deutsche Bank Trust Company, et al.  The case was over subprime mortgages and predatory lending practices by some of the largest banks in the world, including Countrywide and others. The city failed, but filed a similar lawsuit in 2010. In 2011, the case Maxam v. Bank of America was filed in Orange County Superior Court, one of the first mass tort litigation matters in history.  Other cases like it include Foti v. Chase, Nelson v. Wells Fargo, Marquette v. One West and Wagner v. Citibank.  Each of these cases was filed this year and could change the course of American homeowner history. Stories The stories of these cases are amazing.  Homeowners taking on banks, government officials actually siding with their citizens and fighting for them on their behalf, but so far the results have not been great.  While Countrywide did lose their case in a big way, the city of Cleveland was unsuccessful in their case.  However, the mass tort litigation route might be exactly what homeowners need to get the results they need. What Can You Do? You have one great option, sign up with us for the help you need.  You can call us at 800-555-5555 to get the assistance you need to move these lawsuits forward.

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