Credit card class action lawsuits?

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divea
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Credit card class action lawsuits?

Postby divea » Tue Nov 03, 2009 8:41 pm

Does anyone know what credit card class action lawsuits are going on right now? I would like to join some of there are any against Bank of America. I got scammed by them big time when they changed my interest rate and it cost me hundreds.


DoingHomework
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Postby DoingHomework » Wed Nov 04, 2009 12:15 pm

divea wrote:Does anyone know what credit card class action lawsuits are going on right now? I would like to join some of there are any against Bank of America. I got scammed by them big time when they changed my interest rate and it cost me hundreds.


Good luck on that. They probably had the right to do that under your agreement.

If there is a class action lawsuit you will be contacted automatically. Normally you are automatically included in any suit and must opt out if you do not want to join.

As an example of how much you can expect...if you paid $1000 in interest above what you would have you might get $5 back. B of A will settle at perhaps 10 cents on the dollar of claim and teh lawyers will take half. If they do not settle a lawsuit will take years to settle so they will make so much in the meantime that there would be no point in settling. And the lawyers fees will keep adding up so you would get less and less.

There are usually two winners in a class action suit - the company being sued and the lawyers. The "class" nearly always gets screwed.



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