CBNV Case

December 13, 2016 – More Good News!  On December 13, 2016, the Court entered its Final Order Granting Final Approval to the class action settlement with PNC Bank, N.A.!

 

Pursuant to the terms of the parties’ Settlement Agreement, the Final Settlement Amount will be determined by a three-person Arbitration Panel following an arbitration scheduled to begin on February 1, 2017 in Pittsburgh, Pennsylvania.  The Arbitration Panel is required to issue its decision selecting a Final Settlement Amount of either $24 million or $70 million no later than March 31, 2017.

 

A copy of the Final Order Pursuant to Fed. R. Civ. P. 23 Granting Final Approval of Class Action Settlement can be accessed here.

 

If you have any questions for Class Counsel or would like to obtain a copy of the Settlement Agreement or other pleadings filed in the case, please call (800) 330-2581 or (800) 330-2591, or email cbnv@wbsvlaw.com.

 

September 27, 2016  – Good News!!  Plaintiffs have reached an agreement with PNC Bank, N.A. to settle the long-running In re Community Bank of Northern Virginia Second Mortgage Lending Practices Litigation class action!

 

This case was first filed in 2001 and is currently pending in the United States District Court for the Western District of Pennsylvania in Pittsburgh, Pennsylvania. Plaintiffs allege that Community Bank of Northern Virginia, which was acquired by PNC Bank, N.A., violated the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Home Ownership and Equity Protection Act, and the Racketeer Influenced and Corrupt Organizations Act in connection with the origination of second mortgage loans.

 

Information concerning the settlement can be found in the Notice of Class Action Settlement, which can be accessed here.

 

If you have any questions for Class Counsel or would like to obtain a copy of the Settlement Agreement or other pleadings filed in the case, please call (800) 330-2581 or (800) 330-2591, or email cbnv@wbsvlaw.com.

 

February 29, 2016 – U.S. Supreme Court Denies PNC Bank’s Petition for Writ of Certiorari!

Great News! Today the United States Supreme Court entered an order denying PNC’s Bank’s Petition for Writ of Certiorari!

 

The Supreme Court’s order leaves intact the July 2015 opinion of the United States Court of Appeals for the Third Circuit, which affirmed the district court’s order certifying the long-running lawsuit, In re Community Bank of Northern Virginia Second Mortgage Lending Practices Litigation as a class action.

 

The decision will effectively end the challenges to class certification on the Class Members’ claims against PNC Bank for violations of the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Home Ownership and Equity Protection Act, and the Racketeer Influenced and Corrupt Organizations Act.

 

A copy of the Supreme Court’s Order can be found here.

 

May 14, 2012 — Residential Funding Company, LLC (“RFC”), has filed Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York, case no. 12-12019.  The bankruptcy is part of a consolidated proceeding, case no. 12-12020, in which RFC and its parent company ResCap, LLC, along with numerous other affiliated subsidiaries, have sought bankruptcy protection.

 

Once the bankruptcy was filed, an automatic stay of litigation against RFC went into effect.  The claims of the plaintiffs and the putative class are listed in the bankruptcy filing as contingent, unliquidated and unsecured claims.  We are represented in the bankruptcy proceeding as one of a 9 member general unsecured creditors committee through borrower, Rowena Drennen.  The committee has retained counsel and other consultants to represent the unsecured creditors.

 

In the litigation RFC acquired loans over a span of time from 2 different originators or lenders – Guarantee National Bank of Tallahassee “GNBT” or Community Bank of Northern Virginia now known though acquisitions and  mergers as “PNC.”  Both of the originators are also defendants in the litigation.  Although originator, GNBT,  remains a defendant, it  has been taken over by the FDIC  and has a very limited ability to pay damages.  The other originator, PNC remains a defendant and is listed on the New York Stock Exchange.

 

You may have received in the mail a notice of the bankruptcy filing. That notice provides very general information about the bankruptcy.  Currently there is no claims bar date set in the bankruptcy so there is no action required at this time by the borrowers.  If and when a bar date is set you will receive a new notice of the requirements for filing a claim.

 

At this time, we are unable to predict what will ultimately occur in the bankruptcy proceedings or when the bankruptcy will be resolved.

 

September 23, 2010 — Law.com and the Legal Intelligencer describe the Third Circuit’s ruling as a “stunning second setback” for the Settling Parties and a “coup” for the Objecting Class Members in their “Top Story” of the day: “3rd Circuit Overturns 8-Figure Settlement in Lending Class Action Again.”  See the article here.

 

September 22, 2010 — GOOD NEWS! Today the Third Circuit Court of Appeals entered an opinion that vacated the judgment of the district court approving the class action settlement to which you and hundreds of other class members objected.  Click Here to Read the Opinion

 

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