with my statement i received a notice that discover is facing a class action suit for overlimit fees they are charged with breach of contract tortious breach of the implied covenant of good faith and fair dealing fraudulent or negligent misrepresentation deceptive business practices It seems as tho affected cardholders will receive a one-time payment of $4 or $8. The original 3 plaintiffs get 5k each and their lawyers get 2,400,000 the lawyer fees are said to be 16% of the total cost meaning discover could be out about 16mil. I suppose my rates will go up so they can pay for it! was hoping others have read this and could provide additional insights. Is the $4 or $8 correct? btw - with this settlement Discover admits to no wrongdoing bugman
This is the best reason Ican find NOT to file Class Action suits. They CA suit makes some headlines, costs the defendant some money, enriches the lawyers and those who were hurt get nothing. $4 or $8 to cpompensate for a $29 late fee. Now, imagine how much Discover would have had to pay if, instead ofa CA suit, they had to defend themselves against the 5 million aggrieved parties each suing them?
