$350,000 Class Action Settlement by Washington Mutual Inc.
U.S. District Court judge Robert Levy approved a $350,000 settlement for a class action lawsuit which was filed against Washington Mutual Inc. (WM.N: Quote, Profile, Research), the largest U.S. savings and loan for sending misleading debt collection letters and thus violating Fair Debt Collection Practices Act.
Customers said Washington Mutual misled them by directing King to substitute on his letterhead the phone number of a bank representative for his own number, without indicating that the new number belonged to the bank. It also said the bank misled them about their rights.
Each of the 700 class members is expected to receive about $325. The plaintiffs’ lawyers will be entitled to about $115,000, or roughly one-third, of the settlement fund.
Filed under Class Action, General Law, Settlements
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