Result: Settlement valued at $240 million
In 2003, the Court approved a settlement that provided approximately $240 million in relief to former Associates’ customers across America.
Prior to its acquisition in November 2000, Associates First Financial, referred to as The Associates, was one of the nation’s largest “subprime” lenders.
Lieff Cabraser represented former customers of The Associates who charged that the company added unwanted and unnecessary insurance products onto their mortgage loans and engaged in improper loan refinancing practices. Lieff Cabraser served as nationwide Plaintiffs’ Co-Liaison Counsel.
The Federal Trade Commission (FTC) website also provides helpful information to consumers regarding their rights under various consumer laws and also issues “alerts” about unfair practices of which consumers should be aware. The mandate of the FTC’s Bureau of Consumer Protection is to protect consumers against unfair, deceptive, or fraudulent practices. The Bureau enforces a variety of consumer protection laws enacted by Congress, as well as trade regulation rules issued by the Commission.