Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits?
It would mean we got religion, decided to forgive everyone? Didn’t need the money anymore? Frankly, I can’t think of another excuse, how can you not need that much money, being that it is already owed to you? No lottery has that big a prize.
However, cynical lawyer that I am, I can think of some illegitimate reasons why I, or, rather, J. P. Morgan Chase, actually pulled this move.
“Irregularities” in the paperwork is the given excuse for.
Gee, how do these big, rich banks keep screwing up their own paperwork, on mortgages, and now, credit cards?
rearing its ugly head again.
Companies that solicit us with low or no interest teaser rates, default charges, late fees and so on hidden in the fine print, reserving the right to change the terms whenever they want, showing us no mercy when we miss a payment for whatever reason, how are they so sloppy?
Why have someone actually review a file before sending it to a law firm mill to file the collection lawsuit when you can pay something around minimum wage and have hundreds of these files processed daily.
Why do things the right way when you can make more money doing things the wrong way?
That seems to be the bedrock philosophy of lending institutions this millennium.
They get away with this in credit card suits, because people cannot afford to hire lawyers, and do not know how to represent themselves.
California, Florida, Illinois, New Jersey and New York are the states in which suits were dropped, without prejudice, as we say in the legal biz, which means they can be filed again.
Now, do you think these are the only states with “irregularities” in the paperwork?
If you are being sued by a credit card company, call a lawyer, like me, to see if you might have some defenses to the suit.