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Since 1995, The Law Offices of David
I. Pankin has been protecting the
legal rights of consumers. As part
of our consumer protection practice,
we represent victims of predatory
lending. Many of these victims have
been defrauded by mortgage lenders
and brokers, placed in mortgage
loans that they can not afford, paid
excessive fees and closing costs,
and never received proper
disclosures regarding the terms of
their loan. Unfortunately, many of
our clients even faced foreclosure
as a result of the predatory lending
tactics of the mortgage lender or
broker involved in the transaction.
Predatory lending is a term that is
commonly used to describe the
unconscionable lending practices of
a mortgage lender or broker.
Typically as a result of predatory
lending a borrower is placed into an
unfair loan with abusive lending
terms.
If you feel you are a victim of
predatory lending, please contact
our office by either filling out our
secure online application or call us
Toll Free
(888) Law 9600
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Class Action Law Suits |
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A "class action" is a
civil suit brought by one or more people on behalf of
themselves and others who are similarly situated. In other
words, the others are in a substantially similar
circumstance where the common issues are the most critical
to the lawsuit. For example, if a large number of consumers
is injured as a result of an allegedly defective product,
the principal issue will be whether the product caused the
injury. Some examples of class actions are those brought
against the manufacturers of allegedly defective or
hazardous products, such as asbestos, certain vaccines,
Agent Orange, tobacco, and breast implants. Only then will
the question of how badly each party was injured be heard.
Class actions may also be brought on contracts. For example,
all customers of America Online could claim damages when it
went to its $19.95 per month rate - with inadequate capacity
to handle the increased traffic.
Another frequent field for class actions is securities
claims. For example, suppose a company issues an allegedly
false press release and the stock goes from $10 to $15 but
when the truth comes out the stock falls to $6 per share. A
class action could be brought on behalf of all the
stockholders who purchased shares after the company issued
deceptive news and before the truth came out. Each member of
the class allegedly suffered some harm as a result of the
alleged wrong. The damages each member of the class will
vary - someone who bought 1,000 shares at $15 each would be
10 times more impacted than a person who bought 100 shares
at $15 – but the critical issue is whether the press release
was deceptive, and that is common to all class members.
Typical class actions involve hundreds, thousands or
millions of people who have comparable claims. Class action
"certification" permits all claims to be heard in a single
trial.
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