Baker-PPB Settlement – **Updated**

  • WBSV is pleased to announce a $1,764,693.87 class action settlement in Baker, et al. v. Century Financial Group, Inc., et al., Case No. CV100-4294 CC.  Pacific Premier Bank (originally Life Bank) has agreed to pay $1,764,693.87 to settle the claims of 26 class members who obtained 16 second mortgage loans from Century Financial Group on or after June 28, 1994. Life Bank subsequently purchased and/or was assigned these 16 loans after they were made by Century Financial Group.  Although originally structured as a settlement of claims arising from 15 loans, the existence of a 16th loan was discovered after the original settlement agreement was executed.  The amount of the settlement and the distributions to be made have been adjusted and increased consistent with the terms of the original settlement.  Class Members who do not opt out of the Settlement will be entitled to a substantial settlement payment under the Settlement. The estimated settlement payments to be made now range from a low of $9,278.76 to a high of $168,410.18, with an average of $60,301.51 per loan. 

    Class Members can see what we currently estimate the amount of their updated settlement payment to be by accessing the Proposed Distribution Schedule. To access the Proposed Distribution Schedule for your settlement benefit, click here.

     

    Links to Settlement Documents


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