Citibank is in some hot water over claims that they unlawful conducted lending practices during the mortgage crisis against their customers home loans. Class members claim that Citi reduced or suspended homeowners’ lines of credit based on the customers homes declining in value. Class member contend that their home values purportedly had not declined. Citi denies any actions of wrong doing in the lawsuit. The case is in the jurisdiction of the United States District Court for the Northern District of California. The lead plaintiffs in the case include: David Levin, Loren S. Siegel, Gary Cohen, Marie Cohen, Mark Winkler, and Jennie Lapointe. Starting on 12-13-12 a class member can file a claim form. Claim forms can be filed online or by mail and must be received no later than 01-31-13 in order to be eligible for any type of settlement. Class members who choose to stay in the lawsuit will be represented by the law firms of EDELSON MCGUIRE, LLC and the Patterson Law Group. If you exclude your self from the class you will have to hire a lawyer at your own expense. It is recommended that most class members should remain in the class action lawsuit.
Important dates to remember in the Citibank HELOC Class Action Lawsuit include:
- January 31, 2013: Deadline to submit a claim form
- January 31, 2013: Deadline to file an objection or exclusion request
- March 15, 2013: The date of the fairness hearing
The settlement fairness hearing will be held at the Phillip Burton Federal Building and United States Courthouse, Courtroom 7 – 19th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102. You do not have to attend this hearing in order to receive a lawsuit settlements.
Class members in the InReHELOCSettlement include all Citibank customers who between the dates of January 1, 2008 to January 31, 2012 had their HELOC account suspended or reduced based on a claim by Citibank that the value of the property had experienced a significant decline in value.
There were mistakes made by both the banks and the people during the great financial crisis in 2008. Unfortunately it is going to cost both sides a great amount of money. More information about the Citibank HELOC Class Action Lawsuit can be found below.