Schwartz Settlement:
: August 25, 2009 – Great News! Settlement distribution checks have been mailed. If you have filed a Chapter 7 Bankruptcy, your check has been mailed to your Chapter 7 Trustee and you should contact your trustee regarding the distribution of your check.
July 6, 2009 – Judge Torrance issued an Order Finally Approving the Class Action Settlement and Certifying a Class for Settlement Purposes and a Final Judgement. Please refer to the "Important Dates and Deadlines" link on the Schwartz Settlement page for information on when settlement checks will be mailed out. Click here to see the Order
May 12, 2009 – Wachovia Equity Servicing, LLC and The Money Store, LLC agree to pay up to $4 million to settle class action, Schwartz, et al. v. Wachovia Equity Servicing, LLC, Case No. 00 CV 226639.
Those persons who obtained a second mortgage from Bann-Cor Mortgage on or after October 31, 1994 which was then sold or assigned to TMS Mortgage ,Inc. then doing business as “The Money Store” will be entitled to receive a substantial payment (average payment is $32,458) under the settlement. To find your settlement payment from the Proposed Distribution Schedule, click here. For more information, click here.
Jury Verdicts in Mitchell vs. Residential Funding, et al.
Jan. 4, 2008 - Jackson County jury awards $5.1 million in actual damages and $99 million in punitive damages in favor of plaintiffs' class in Mitchell vs. Residential Funding Company, LLC. The plaintiffs' class is comprised of those individuals who, on or after July 29, 1997, obtained a second mortgage loan secured by Missouri residential real estate from Mortgage Capital Resource Corporation, a now-defunct California mortgage lender. The second mortgage loans at issue were purchased and assigned to defendants Residential Funding Company, LLC, Household Finance Corporation, III and Wachovia Equity Servicing, LLC. Also named as a defendant was Homecomings Financial, LLC, which serviced some of the loans. Defendant Residential Funding Company has indicated that it plans to appeal. See links to news articles below.
Mortgage lenders ordered to pay $99 million in punitive damages Kansas City Star, MO - Jan 4, 2008 The mortgage companies — Residential Funding Co. LLC, Household Finance Corp. III and Wachovia Equity Servicing LLC — bought second mortgage loans from a ...
Jury tells lenders to pay $99 million in punitive damages St. Louis Post-Dispatch, United States - Jan 5, 2008 A Jackson County jury on Friday also assessed $5.1 million in actual damages against the three lenders, Residential Funding Co. LLC, Household Finance Corp. ...
Lenders ordered to pay $99 million to customers Jefferson City News Tribune, MO A Jackson County jury on Friday also assessed $5.1 million in actual damages against Residential Funding Co. LLC, Household Finance Corp. ...
McLean Settlement:
:
April 17, 2009 -- Checks for those claims that were subject to First Horizon’s appeal will be mailed on Tuesday, April 21, 2009. For those Class Members who filed Chapter 7 bankruptcy, the check will be made payable to both the Class Member and Trustee and mailed to the Trustee.
March 26, 2009 – Great News! First Horizon did not ask to rehear or transfer the decision made by the Court of Appeals. Therefore, the Judgment is final and the claims affected by the appeal will now be paid.
March 10, 2009 – Good News! Opinion by Appellate Court filed. The Court of Appeals decided that the Special Masters’ rulings are final and binding. First Horizon’s Appeal is dismissed. Click here to see the Opinion
December 17, 2008 – The Court of Appeals heard oral arguments on the matter. The arguments went well, and we are cautiously optimistic as to the Court’s ruling. We expect an opinion from the Court, given past history, within the next 90 days.
July 2, 2008 – In response to the "show cause" prceedings, First Horizon decided to pay the 93 class members who filed Chapter 7 bankruptcies and whose trustee also filed a claim. Checks will be made payable to both the Class Member and the Trustee and mailed to the Trustee.
May 8, 2008 – Special Master Ralston submitted an order directing First Horizon to show cause why the matter should not be referred to the circuit court upon Plaintiffs’ Motion for a Contempt Citation for 93 class members who filed Chapter 7 bankruptcies and whose trustee also filed a claim. Click here to see the Order
March 31, 2008 – First Horizon filed a Notice of Appeal in regards to the 3/20/08 Order from Judge Scoville regarding amended claim forms and class members who have filed Chapter 7 bankruptcies. Consequently, checks will not be mailed until the appeals process is complete. Click here to see the Notice of Appeal
March 20, 2008 – Good News! Judge Scoville agrees with the Special Masters’ decisions regarding amended claim forms and class members who had filed Chapter 7 bankruptcy. Click here to see the Order
February 8, 2008 - Class counsel appeared at a hearing before the Circuit Court. The Court heard arguments regarding First Horizon’s Motion For Court Interpretation Of Settlement Agreement And Enforcement Of Judgment. First Horizon’s motion opposed the Order by the Special Master, which resolved various challenges raised by First Horizon by: 1) permitting certain class members to submit amended claim form; and 2) denying First Horizon’s challenge regarding claims submitted by class members who had filed Chapter 7 bankruptcy. After hearing argument from class counsel and First Horizon, the Court took the matter under advisement.
September 25, 2007- Class Counsel delivered 15 boxes of objections to First Horizon challenges to Class Member claims. Class Counsel's objections for each Class Member should be available on our website beginning Tuesday October 2. Click here to see your objection.
September 7, 2007 - On September 5 at 4:30 pm First Horizon delivered to Class Counsel 14 boxes that contain written challenges by First Horizon to approximately 1,400 individual Class Member claims. The First Horizon challenges, as well as Class Counsel's challenges to the Settlement Administrator's partial or complete claim denials, are being scanned and should be available on our website beginning Tuesday, September 11. The challenges will also be mailed to the Class Members. (click here to see if your claim has been challenged.) To see the procedure and timing for challenges and their resolution, click here
Feb. 21, 2007 - First Horizon Home Loan Corp. to pay up to $36.3 million to settle McLean Class Action Lawsuit. Those persons who obtained a second mortgage loan secured by Missouri residential real estate from First Horizon, FT Mortgage Companies and/or McGuire Mortgage Company may be entitled to receive a substantial settlement benefit under the settlement. Claims must be mailed (postmarked) by May 31, 2007. For more information, click here. To access the Damage Claims Listings directly, click here.
