Well that didn’t take long.
In week since Hunstein was decided I have over a dozen class action filings pour in.
Names like Portfolio Recovery Associates, Financial Recovery Services, Allianceone Receivables Management, Jefferson Capital Systems and Convergent Outsourcing have all been hit in putative class actions early in the week– I have a pile more complaints that I have yet to review.
Here are some complaints so you know what the allegations look like:
No complaints against creditors or first-party servicers that I have seen yet (if you see one let me know!)
The Plaintiff’s bar has vowed to file a massive number of Hunstein claims calling it like “shooting fish in a barrel.” Indeed one Plaintiff’s lawyer I talked to told me to expect an “avalanche” of these cases.
Well yesterday I joined a really good panel and had a hot little debate about Hunstein and what it means going forward. I was the “doom and gloom” guy–probably because I read all of these complaints!
Check out the video here:
Also if you’re not watching RIGHT NOW Mike is hosting a second panel with plaintiff’s lawyers–including Abbas and Sergei– join late (for free) here.