Quote:
99% of all of the funds won in 99% of all class action lawsuits that are won or are settled end up going the trial lawyers.
American General Finance was once sued for improperly figuring interest on loans. It cost me around $440.00 according to the lawsuit. AG settled for nearly a 100 million or so and when it was all said and done, and mind you there were only about 2,000 plaintiffs, I got a check for, and I kid you not, $0.27.
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The real ***** of this is that the bank will just turn around and charge its account holders this money in interest on future loans, fees, etc. So really what happened is that lawyers screwed the very same people it claimed to want to help twice, once when they tricked them into screwing themselves out of 100 million, and a second time when they didnt pay out a fair settlement on the class action.