FleetBank Class Action Suit

Discussion in 'Credit Talk' started by bbauer, Aug 30, 2001.

  1. bbauer

    bbauer Banned

    A class action has been filed against Fleet Bank and several affiliated companies by consumers claiming that Fleet violated the Rhode Island Unfair and Deceptive Trade Practices Act and the federal Truth-in-Lending Act by engaging in an improper bait-and-switch scheme in luring customers to transfer credit card balances to Fleet credit cards. The national class consists of persons who transferred debt balances to a Fleet credit card account advertised by Fleet at a fixed interest rate or no annual fee account.

    The consumers seek recovery of interest and fees wrongfully paid in addition to an order requiring Fleet to cease all improper advertising and promotional activities.

    The action stems from a national advertising campaign by Fleet, known as the Smart move Balance Transfer Service plan, to induce consumers to transfer credit card balances to a Fleet account with promises of no annual fees and favorable interest rates. According to consumers, the promotional letters sent by Fleet expressly stated that the low interest rate was not an introductory offer and also indicated that there would be no annual fee. The consumers allege that shortly after they transferred their debts,

    Fleet switched the terms and imposed annual fees as well as high interest rates.

    On April 20, 2001, the trial court denied Fleet's motion to dismiss the case, and on June 29 the court reaffirmed that decision. This action will proceed in the trial court.

  2. deniserich

    deniserich Banned

  3. Dani

    Dani Well-Known Member

    It couldn't happen to a nicer group of people. In my book, they are getting what a deserve.

  4. Mist

    Mist Well-Known Member

    I love their argument for reconsideration - LOL!!!!

    >>Fleet moved for reconsideration, again >>contending that federal law preempts the Rhode >>Island statute prohibiting unfair and deceptive >>trade practices.
  5. breeze

    breeze Well-Known Member

    Oh yeah, they wish!! State law prevails unless the federal law was specifically written to prevent any state changing it. We went over all that in a thread about 3 months ago.
  6. bbauer

    bbauer Banned

    I have a special message for all slimeballs including 3rd party debt collectors, credit card companies who engage in such unethical practices, slimball lawyers, and their general ilk.


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