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Programs for Californians Facing Foreclosure Receive $800,000 in Cy Pres Funds
January 27, 2012
Michael W. Sobol, Chair of Lieff Cabraser's consumer protection practice group, announced today that $800,000 has been distributed to California law schools and other nonprofit organizations that sponsor clinics engaged in providing mortgage relief, foreclosure counseling, or similar consumer benefits. Among the recipients are the Center for Responsible Lending, The East Bay Community Law Center, University of San Francisco Law School, Loyola Law School, the Mission Economic Development Organization in San Francisco, and the Community Housing Works in San Diego.
"At a time of widespread budget cuts, these funds will provide substantial assistance to educational institutions and nonprofit groups that offer much needed mortgage foreclosure and modification assistance to Californian consumers," stated Sobol.
The distribution of these funds, known as a cy pres (from French, meaning "as near as possible') award, comes from settlements in class action litigation brought by California consumers against several title insurance companies for allegedly charging fees for services not performed and collecting undisclosed interest on customer escrow accounts. Under the law, after payment to all class members who have submitted timely claims, a court may distribute any residue funds from the settlement to educational institutions and nonprofit organizations whose work serves the underlying objectives of the lawsuit.