What is a Lending Club Class Action Lawsuit?
The lending club class action lawsuit is a lawsuit that has been brought against the major credit card companies. This group of lending clubs along with their members were accused of deceiving people into buying credit cards when they did not actually need to do so. They did this by telling the individuals that they were eligible to apply for such credit when they did not actually need to. Later, the lending clubs were found out to be conducting illegal activities and they were sued by the Federal Trade Commission. The case was settled out of court for an undisclosed amount of money.
The lending club class action lawsuit revolves around deception.
Several different suits were filed against the companies. In each suit the plaintiffs were able to claim monetary damages as a result of the illegal activities conducted by the lending institutions. Some of the more popular names involved in the lawsuits include Serta, Bank of America, Chase Bank, American Express, Discover Card, and Capital One.
There are many reasons why this class action lawsuit is currently active.
It all began when a group of borrowers decided to file a lawsuit against the banks. They filed the suit in an attempt to get the banks to pay them what they were entitled to as compensation for the harm that they had suffered due to the lending club’s actions. The lawsuit claims the lending club forced the borrowers to purchase credit cards when they did not need to. As a result of this wrongful activity, the borrowers have lost money and have been forced into a lawsuit in an attempt to recover what they feel is due to them.
If you are in a similar situation, you may find it beneficial to seek legal advice from a class action lawsuit attorney.
The class action lawsuit provides you with a resource to help you recover some damages. Although the settlement may not take you back to the same level as your original wages, it can help you get some of what you deserve. With this resource you can rest assured knowing that you do have a chance at receiving fair compensation. You should consider hiring a lending club class action lawsuit attorney to represent your interests.
These class action lawsuits were originally designed for those members who were victims of wrongful lending. It was discovered that the lending clubs charged exorbitant interest rates, which made it impossible for the borrowers to make their monthly payments. As a result of this, they were left without a source of income. It has taken many years for lenders to be held responsible for the actions of their lending clubs. In recent years however, the courts have been more willing to take corrective action in cases involving lending clubs.
When you are involved in one of these lawsuits, you will be able to receive fair compensation.
In many instances you can receive restitution that is over two thousand dollars. Most of the time this money is distributed to the members of the lending club. The courts will take into consideration the amount of damage that was done when determining how much money should be recovered. You do not want to waste your time going up against a lending club that has no financial ties to you or your family.
If you want to receive this money and not pay it out of pocket, you should seek the counsel of an attorney who specializes in lending club class action litigation.
A lawyer will be able to help you receive the maximum amount of damages possible for your case. Since each state has its own laws regarding this type of lawsuit, you need to hire a lawyer who knows all of the specifics for your particular state. This way he or she will know how best to build your case.
There are many people involved with lending clubs that have been the victims of fraudulent lending practices. They are entitled to receive the money that was supposed to be lent to them. Many of them were cheated out of a portion of the money that they expected. Don’t let someone take advantage of you because of greed. Seek the counsel of an attorney today who will help you receive the money that you deserve.