Cash Store Cannot Bar Class Action Suits, Says Wisconsin Court
A Wisconsin appeals court has ruled that the Cash Store cannot use language in its loan contracts that bars customers from the right to be able to file or join class action lawsuits, reports the Associated Press. Usually this is found in the fine print of contracts that Cottonwood Financial LTD uses. The court said that it violates the Wisconsin Consumer Act and said it was “unconscionable”.
Resource for this article: Cash Store cannot bar class action suits, says Wisconsin court
Consumers protected by class action ban
The statement about class action comes according to New Richmond, Wis., consumer rights attorney Eric Crandall. He told the AP that any kind of lender that is like the Cash Store could be “easily annihilated” by the damages awarded in such a class action. The Cash Store should change its contract language because of the class action ban. Considering the trouble the franchise has had in Georgia and New Hampshire over the past year, it seems unlikely that the Cash Store will resist the ruling.
Beginning in December is Governor Jim Doyle’s personal loans law
Starting Dec. 1, personal loans in Wisconsin must be limited to $1,500 or 35 percent of a borrower’s income. Furthermore, only one rollover per existing loan will be allowed. This also bans post-maturity interest on personal loans of 91 days or longer.
It began with Darcie Estes
Darcie Estes borrowed $1,400 from Hudson, Wis., Cash Store to pay her mortgage and other bills. Because she defaulted on her loan, she owed more money. To collect on the balance she owed, Cottonwood Financial LTD took her to small claims court, which they had the right to do. Estes was represented by Eric Crandall, who helped her file a counterclaim regarding the anti-class action clause. They sought damages and attorney’s fees. The Pierce County judge at the time ruled that Estes had waived her right to a jury trial based upon what was in the contract. The subsequent appeal overturned this ruling.
Are class actions great to begin with?
There are different theories on whether or not the class actions actually help the class proponents. Cottonwood Financial LTD and the Cash Store were said to be in violation of the Wisconsin Consumer Act, hence there may have been good reason for Darcie Estes and the rest of the class to file the suit against them. However, as the legal blog Class Action Lawsuits: Putting People Together suggests, the claimants are rarely the people who end up getting the most benefit from a class action. In the end, the lawyers just end up with all of the money.
Citations
Associated Press
http://www.businessweek.com/ap/financialnews/D9FU0BB80.htm
“Class Action Lawsuits – Putting People Together” (How they REALLY work)
http://www.web-access.net/~aclark/profit.htm
“Class Action Lawsuits – Putting People Together” (The squeaky wheel gets the grease)
http://www.web-access.net/~aclark/profit.htm
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