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Truth-In-Lending Act Violations

The Truth in Lending Act (“TILA”) is a federal statute that protects consumers from confusing or deceitful lending practices. As a consumer, you have the right to detailed and clear disclosures from your lender, including:

  • Amount of loan and payment amounts
  • Prepayment penalties
  • Due dates and late charges
  • Annual percentage rate (APR) for mortgage
  • Service or application fees

The law requires lenders to be honest in disclosing the details of a loan, and provide consumers with a document known as the Truth in Lending Statement, which allows consumers to make responsible credit decisions and easily compare rates between lenders.  You may be entitled to compensation if your lender has not properly provided you with these disclosures. This may can include actual damages – the financial harm you suffered as a result of the inadequate disclosure – and statutory damages of $100 to $1,000.

In addition, the right of rescission is available to consumers who take out a home equity line of credit or refinance their homes with a lender outside of their mortgage provider. The law gives consumers the right to cancel the credit transaction within three days of closing. This period allows homeowners to evaluate and contemplate a transaction that gives a lender a security interest in their homes.

At Glancy Prongay & Murray we have experienced consumer law attorneys that will fight to protect your rights. If you have been a victim of fraudulent lending practices call our offices for a free and confidential claim review.

Court Recognition

“And without question, the Court is of the opinion that the value of benefit that’s been conferred to the class is extremely sizable and that this Court is certainly aware that the skill and efficiency of plaintiff’s counsel is what attributed to this settlement, and they are learned securities counsel. The Court is mindful of that, and as a result they were able to sort of weed their way through the complex issues in this case, and also to bring this about — bring about a settlement rather in short order as these matters go. So the Court certainly attributes that to counsel’s skill and efficiency, as well as the ability to work with the adversaries in this matter.”

–Hon. Susan D. Wigention, U.S. District Judge, District of New Jersey

“Class Counsel has conducted the litigation and achieved the Settlement in good faith and with skill, perseverance and diligent advocacy”

— Hon. Donovan W. Frank, U.S. District Judge, District of Minnesota

“The court finds that the Settlement Fund… created by Class Counsel is an exceptional result… The settlement is significantly above the average securities class action settlement when measured as a percentage of losses recovered… The court finds that Class Counsel, particularly Co-Lead Counsel, exerted tremendous effort on behalf of the class in the prosecution of this action… The Court finds that Class Counsel skillfully prosecuted this action, particularly given that this case was unusually complex relative to most securities fraud class actions. ”

–Hon. Dickran M. Tevrizian (Ret.), U.S. District Court Judge, Central District of California

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