Settlement from class action

[GregSS]

What is the name of your state (only U.S. law)? California

I was a member of a class action suit against Wachovia Mortgage for illegal marketing practices and failing to disclose full impact of the negative amitorization of the loan. The suit has settled and I recieved a check for $187.00. This hardly represents an equitable settlement as the loan accrued $55,000 in Negative amortized intrest. Is there any additional legal recourse since the class action has settled?

 

[LillianX]

In filing a claim as part of the class action suit, you agreed to waive your right to sue separately, and accept the settlement, whatever it was, as payment in full. You were not made whole. You can, however, rest assured that the firm that represented the Class in this case made millions.

Aren't mass torts fun?

 

[tranquility]

No. You have sued for the particular transaction or occurrence where your purported loss developed. Any other suit on the same facts will have a defense of claim preclusion and will be without merit. (aka Res judicata)

 

[You Are Guilty]

In filing a claim as part of the class action suit, you agreed to waive your right to sue separately, and accept the settlement, whatever it was, as payment in full. You were not made whole. You can, however, rest assured that the firm that represented the Class in this case made millions.

Aren't mass torts fun?

I'm too lazy to pull it off Pacer to confirm, but it appears that the lawyers got $25 million.
https://pickapaysettlement.com/About_this_Settlement/FAQs.aspx

 

[GregSS]

The Lawyers are the only one swho make out in a class action

Yep,$25 Million. Plus another million to sendout the checks. Do they not have a responsibility to pursue an equitable settlement for the members of the class?

 

[Banned_Princess]

Yep,$25 Million. Plus another million to sendout the checks. Do they not have a responsibility to pursue an equitable settlement for the members of the class?

no way.

they get their 1/3 off the top. you get your money from the bottom.


sorry.