Chase loses big in TILA fraud case
This story is good in so many ways. Homeowner Paul Nguyen sued Chase for Truth in Lending Act violations for a loan that he says he was fraudulently led into. It would have been a great story if Nguyen simply won against Chase in a court of law and received damages, but the story is so much better than that.
First, Chase simply didn’t show up for the case. Did not appear. One might interpret this to mean they were so guilty they felt that putting on any kind of defense might just make things appear even worse than they are.
So as a result of Chase not showing up, Nguyen wins a default judgment. The judge rescinds the promissory note between Nguyen and Chase, thereby giving Nguyen the home free and clear, wiping out his debt. Then the judge goes even further by awarding Nguyen damages, expected to amount to about $16,000, and also awards him attorneys fees, also in the tens of thousands of dollars.
A very solid win.
Bad bad Chase, Lawsuits | admin October 14, 2010
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By MRJOHN, October 14, 2010 @ 6:10 pm
CHASE SUCKS!!! NUFF SAID….
By neuhaus, October 25, 2010 @ 7:15 pm
Pocket change for Chase, but justice for the poor homeowner nonetheless.
I hope to hear more stories like this.
By admin, October 25, 2010 @ 7:33 pm
One of the problems is that most people seem to just write it off when a big company like Chase behaves badly. If a much larger percentage of us fought back an demanded to be treated right, it would not be profitable for companies to treat us badly. Plus, when you fight back you get the peace of mind knowing you didn’t just sit back and take it. Win-win.