The Tremont Financial LLC has agreed to go for a settlement in the payday lender class action lawsuit with the University of Wisconsin-Madison Law School students and the school’s Consumer Law Litigation Clinic. The class action was brought against Tremont Financial for violating certain provisions of Wisconsin’s Consumer Act and other common law provisions. Tremont Financial however denied all allegations against it.
To recall, the lawsuit charges the company of violation of the law in nearly 137 cases of loans. The lawsuit covers the period between Nov. 1, 2004, and Dec. 20, 2007. Tremont Financial would release all class members from the obligation to pay outstanding loans and contact credit-reporting agencies to seek the deletion of any adverse information it may have reported about any class member. In return, all claims against Tremont Financial would be dropped.
In a statement to the media, Sarah Orr, director of the Consumer Law Litigation Clinic says,
“We are pleased that we were able to reach this agreement. It’s a good result for members of the class and for Wisconsin consumers.Beyond that, it provided meaningful, hands-on litigation work for the students involved.”
Source: University of Wisconsin-Madison News
Filed under Class Action, General Law, Settlements | Tags: Cases, Consumer Law Litigation Clinic, Litigation, school, Settlement, The Tremont Financial LLC, University of Wisconsin-Madison Law School, Wisconsin's Consumer Act | Comment Below