Ameriquest Class Action Lawsuit

Lieff Cabraser is co-lead counsel in a Multi-District Litigation (MDL) proceeding pending in the Northern District of Illinois against Ameriquest and various Ameriquest affiliates on behalf of a proposed nationwide class of borrowers.

Lieff Cabraser also serves as Plaintiffs’ Lead Counsel for a certified class of Minnesota property owners who obtained mortgage loans from Ameriquest Mortgage Company in an action in Minnesota state court before Judge Lloyd B. Zimmerman.

Plaintiffs' Allegations

Plaintiffs charge that Ameriquest has engaged in a deceptive and unlawful business practices. Plaintiffs allege that Ameriquest trains its sales force to target economically vulnerable persons in a predatory lending scheme based on the sale of loans with illegal and undisclosed fees and terms.

Plaintiffs specifically allege that Ameriquest trains and encourages its salespersons to close as many loans as possible, in the shortest amount of time, with the highest possible principal and excessive fees. Ameriquest trains it salespersons to say and do anything to accomplish this objective, including by

  • falsely representing the asserted benefits and financial savings of consolidating debt,
  • maximizing loan amounts beyond what is affordable or beneficial to borrowers,
  • failing to provide loan documents prior to closing,
  • concealing unfavorable loan terms such as “discount” fees, pre-payment penalties, and the adjustable nature of the loan,
  • inflating appraisal values,
  • fabricating income statements, and
  • forging documents.

Ameriquest denies these allegations.

Minnesota Case Status

  • Class Certification Order

In the Minnesota case, on April 18, 2007, Judge Lloyd B. Zimmerman granted plaintiffs’ motion for class certification, permitting the case to proceed as a class action.

The class consists of all persons (i) who presently own, or during the Class Period owned, property (including mobile homes) in Minnesota, and (ii) who entered into a mortgage loan transaction relating to such Minnesota property with Ameriquest at any time between February 17, 1999 and the present. To read a copy of the Court's class certification order, click here. The Court has made no determination as to the merits of plaintiffs' allegations.

  • Class Notice Order

In April 2008, Judge Zimmerman ordered that formal Notice of the case be provided to Class Members. The Notice explains that the Court has determined that this case will go forward to trial.

You can click here to read a short version of the Court-approved Notice or click here to read a longer version including Frequently Asked Questions about the class action. The Notice explains your legal rights, including how to opt out (or exclude yourself from) this class action, and explains that if you accepted the Attorney General Settlement (by signing the Release), you cannot participate in this Class Action (but you do not need to do anything).

Contact Lieff Cabraser

Minnesota property owners with mortgage loans provided by Ameriquest that wish to obtain further information on the lawsuit are welcome to contact plaintiffs’ counsel by clicking here.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP is a fifty-plus attorney law firm that has represented plaintiffs nationwide since 1972. We have offices in San Francisco, New York and Nashville. We represent plaintiffs in class and group actions and in individual lawsuits in cases involving substantial losses. For the last five years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.

Notice

This website is sponsored by Lieff Cabraser Heimann & Bernstein, LLP, a national plaintiffs' law firm.


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Notice: Lieff Cabraser attorneys provide legal advice and practice law for clients in federal district courts throughout the United States and in state courts where we are licensed to practice. Please read our disclaimer.

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