Settlement: Historic $10M Settlement Reached in Debt Collection Class Action

Home > Settlements > Historic $10M Settlement Reached in Debt Collection Class Action Historic $10M Settlement Reached in Debt Collection Class Action September 12 2011 Greenville, SC: Thousands of people have been forgiven their debts in a historical unfair business class action settlement reached Friday in Maryland. The class action lawsuit was brought by Jason Hauk and Freddy Velazquez who led the class action suit, against LVNV Funding LLC, a Greenville, SC-based company that buys consumer debt. According to the terms of the settlement some 3,500 people in the class will receive about $2000 each, for a total of http://cortrightlaw.com/location/orange-attorney-office $7 million. The total settlement forgives about $10 million in debt, according to filings in U.S. District Court in Baltimore. Further, LVNV will not pursue the 3,500 debtors in order to collect the debt, nor will they be able to sell those debts to other third party collection agencies. And LVNV have to remove information it gave to the major credit bureaus for each of those debtors, a step taken to improve their credit ratings. The settlement is being hailed as historic, and a major win for the class. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Submit Claim
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