Cresskill, NJ: United States District Court Judge Thomas O’Neil approved a class-action settlement for $4 million involving about 42,000 customers of Washington Mutual. Plaintiffs claimed the bank placed them in captive reinsurance arrangements which provided the bank with a variety of benefits, including kickbacks, referral payments, and fee splits.
Washington Mutual has been the center of many lawsuits and settlements. Ever since the bank collapsed in 2008, investors and customers have filed lawsuits seeking compensation and retribution. RD Legal Funding, LLC (“RD Legal”) is ready to help bridge the gap between settlement and case payout to help plaintiff’s attorneys improve their cash flow. RD Legal is one of the nation’s leading providers of post-settlement funding to lawyers and their clients.
According to news stories, the lead plaintiffs were entered into captive reinsurance arrangements when they obtained loans from the bank. The arrangements were in violation of the Real Estate Settlement Procedures Act (RESPA). The plaintiffs filed their lawsuit in 2007 with claims of the kickbacks, referral payments, and unearned fee splits. A settlement was reached after years of litigation and Washington Mutual establishing a $4 million settlement fund. In June of 2012, the settlement received preliminary approval. Final approval came from Judge O’Neil on December 4, 2012.
RD Legal can provide plaintiff’s attorneys with Washington Mutual settlements post-settlement funding, which provides immediate capital on settlements. Lawsuit financing does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.
For more information, call RD Legal toll-free at 1-800-565-5177. To apply now, please click here.
Written by Lulaine Compere