Washington Mutual Settles Class-Action Collection Practices Suit

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008501-washington-mutual-settles-class-action-co/

Washington Mutual Inc., the largest U.S. savings and loan, agreed to pay $350,000 to settle a New York class-action lawsuit accusing it of sending misleading debt collection letters.

Judge Robert Levy of the U.S. District Court in Brooklyn, New York approved the settlement on Wednesday, 3-1/2 years after the case began, court papers show.

Each of the 700 class members is expected to receive about $325. The plaintiffs’ lawyers will be entitled to about $115,000, or roughly one-third, of the settlement fund.

For this complete story, please visit Washington Mutual settles NY class-action lawsuit.