Most people getting around $50.00 from Ameriquest Settlement while Countrywide CEO gets Millions!

[1776Forever]

I posted an article today on the Countrywide CEO that was charged with stealing $141.7 million and only having to pay back $22.5 of it! What a sick joke that is! It is also made more terrible when you see that the Ameriquest MDL Settlement group of 170,000 are mostly getting around $50 a piece when they were told it would be $1,000 for each defendent on websites!

Here is the link to my post on Countrywide fiasco:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9341362

The former Countrywide Financial Corp. chief agreed Friday to a settlement that requires him to pay 16 cents out of his own pocket for every dollar federal authorities claimed he had taken out of the company in ill-gotten personal gains.

The math works like this:

■The government alleged that he added $141.7 million to his personal fortune through fraud and insider trading.
■Mozillo agreed to personally pay a $22.5 million fine – 16 percent of the alleged ill-gotten gains.
■In addition, Mozillo agreed to turn over another $45 million to former Countrywide shareholders, who lost billions when the company’s stock price plummeted as loan defaults soared. But the $45 million won’t come out of Mozilo’s pocket. Under the terms of his employment contract, it will be paid instead by Countrywide’s insurers and by Bank of America, which bought Countrywide in 2008.
The government settled for less than it wanted because, one legal analyst said, because it would have been a challenge to prove its case.

..............

I was one of the people who was in the Ameriquest Settlement and have been following a blog on it and most of the people only got around $50 each for their troubles! The Lawyers got millions! And there you go again - the Rich get Richer and the poor, well throw them some crumbs and let them eat Little Debbie Cakes!

[Greyhound]

1. Is anybody surprised by the blatant, omni-partisan loot-fest anymore?

:kick: & R

[marmar]

4. Not a bit.

They're rubbing our faces in it at this point.

[customerserviceguy]

2. How much did the lawyers get in the class action suit?

It pisses me off when I see these sorts of actions, the wronged parties get dick, and some shyster attorney firm makes multi-millions. Then, future customers of the sued firm pay for the whole thing in higher prices.

[1776Forever]

3. Says the Attorney Fees and cost not to exceed $7.33 Million:

https://ameriquestmdlsettlement.com/About_this_Settlement/FAQs.aspx

How will Class Counsel be paid?

Answer:
The Court will determine what fees to award to the attorneys who have brought these actions. Plaintiffs intend to apply for attorneys’ fees and costs in an amount not to exceed $7.33 million. The attorneys expect to show that they have expended more than that amount in time and costs on this litigation. The attorneys’ fees and costs awarded by the Court will be paid from the Settlement Fund.

..........

I am sure they will get the entire $7.33! This is just not right! Another thing the court said that the amounts paid out to the class members would be "substantial"! Well if you think $50 is "substantial" you might live in Bangladesh!

[customerserviceguy]

8. Unless we enact a law

that says that a settlement amount per affected individual is not at least, say, $100, then class action lawsuits (that eventually end up costing everybody) shouldn't be brought, unless the law firm in the case is willing to do it for small change, also.

We get screwed by corporations, and because of that, they get rich, and the corps just pass it on to the public. Something's wrong with that.

[Initech]

5. The greediest motherfuckers alive.

[1776Forever]

6. K & R that! n/t

[Starry Messenger]

7. k & r

Trickle down wins again.


http://1.bp.blogspot.com/_azdHbo8N78o/SP65Nxq13uI/AAAAAAAAAUc/F2CNAU36dq8/s320/capitalism+large.jpg