From the banking industry to insurance, consumer sales to data protection, class action lawsuits put millions or even billions of dollars at stake. News coverage of a string of recent scandals and resulting litigation have brought increased attention to the vulnerability of the banking and financial industry to class actions.
In fighting these cases, it pays to have the benefit of the most experienced legal counsel. Rosenberg Martin Greenberg attorneys, including partner Gerard J. Gaeng, bring the requisite experience and resources that only come with years of defending complex class action lawsuits.
Class action claims against banks and financial institutions
The financial services industry is a popular target because broad policies and charges can have a widespread and uniform effect on account holders and customers of the bank. Some of the highly publicized banking and lending class action lawsuits in recent years involve:
- Imposition and calculation of interest and late fees on accounts
- Charging fees for coverage and protections that consumers did not opt into
- Misleading debt collection practices
- Bait-and-switch terms on transferred accounts
- Unexpectedly changing due dates
- Privacy rights and data breaches
Prevention is truly the best medicine. Seeking the counsel of industry experts who are up to date on regulations and industry best practices is the best way to avoid stepping into a situation that may be construed as unfair. When a class action lawsuit is filed, dedicated legal counsel is just as important in order to navigate the often murky legal waters and increase the chances of success.
Keys to class action litigation defense
From the plaintiffs’ perspective, a successful class action depends on a strong class representative, a valid class, and solid damages. From a defense standpoint, challenging the plaintiffs’ position is a primary consideration, bolstered by a thorough understanding of industry practices and regulations.
A seasoned class action defense litigator makes use of some of the tools provided by the legal system to prevent frivolous or unsuitable cases from proceeding as class actions. For example, a defendant is permitted to challenge class certification or attempt to remove a class representative – when successful, this can limit the scope of the litigation or prevent it entirely.
Another important defense tool is the skill and connections to facilitate early negotiations, which can also contain the damages. Thorough knowledge of the industry brings a realistic view of the outcome and an understanding of the technical issues involved. If the claims proceed to trial, defense counsel’s commitment to due process helps to ensure that the claimants prove their case within the bounds of the law and court rules.
Class action litigation defense in Maryland
The class action defense lawyers at Rosenberg Martin Greenberg consistently step up to the plate swinging when it comes to consumer class action claims. We make full use of tools suited to the case, whether it involves decertifying a class, removing a class representative, or initiating early and effective settlement negotiations.
RMG has successfully defended claims asserted under a host of state and federal statutes, including:
- The Real Estate Settlement Procedures Act (RESPA)
- The Truth in Lending Act (TILA)
- The Home Ownership and Equity Protection Act (HOEPA)
- The Fair and Accurate Credit Transactions Act (FACTA)
- The Maryland Uniform Commercial Code (UCC)
- The Maryland Consumer Protection Act (MCPA)
- The Maryland Secondary Mortgage Loan Law (SMLL)
- The Maryland Retail Installment Sales Act (RISA)
- The Maryland Credit Grantor Closed End Credit Provisions (CLEC)
- The Fair Debt Collection Practices Act (FDCPA)
- The Telephone Consumer Protection Act (TCPA)
- The Maryland Telephone Consumer Protection Act (MTCPA)
- The Maryland Consumer Debt Collection Act (MCDCA)
The Class Action Defense Division of RMG does not work in a vacuum. We do our job well because we get the industry. We know what goes into banking and financial services, and we know what goes into litigation, negotiation, appeals, and other situations a class action can lead to. Call today to speak with one of our professionals about how we can help you.