Chicago Business Litigation Lawyer Blog
Although the Telephone Consumer Protection Act (TCPA) gives consumers the right to claim thousands of dollars in punitive damages for each illegal phone call made to their cell phones, there are valid reasons for plaintiffs to seek a settlement that pays only a fraction of their eligible damages.
In a recent proposed class action consumer lawsuit against Ocwen Loan Servicing, LLC, the parties have agreed to a financial settlement of $17.5 million to cover the claims of more than 1.6 million customers. Attorneys representing the class of plaintiffs have said they will request reimbursement for up to $100,000 of their actual expenses, fees of no more than one third of the total settlement fund ($5.8 million), and an incentive award of $25,000 for each of the three named plaintiffs who came forward to file the TCPA lawsuit.
After all that, each plaintiff will receive anywhere from $55 to $90, depending on their individual claims. Any funds that are left over after all payments have been made will go to the National Consumer Law Center and the Public Justice Foundation. None of the funds will revert back to Ocwen, as is sometimes the case in class action settlements. Continue reading ›