Monday, January 05, 2009

Financial crisis triggers more class-action suits

Posted by Plus Master at 8:01 AM
 

Stanford Law School's Securities Class Action Clearinghouse has counted 220 of these suits in 2008, up from 173 last year and 115 in 2006. The last time filings were this numerous was in 2002, during the depths of the dot-com bust and accounting scandals involving Enron and WorldCom.

During the first half of this year, 41 suits were related to the subprime mortgage meltdown or the broader credit crunch and 17 stemmed from the failure of the auction-rate securities market, according to Stanford and Cornerstone Research, which helps the law school collect and analyze filings.

Read the full story here on the MarketWatch website.
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3 Responses to "Financial crisis triggers more class-action suits"

PLUS Iyanna G. Says: January 12, 2009 (5:01AM) Have you received an email or postal letter offering you a debt consolidation loan, student loan, mortgage, small business loans or a great credit card rate? It is probably a scam. The offer and their websites may look real, except they will quickly ask you for personal financial information, social security number, bank account numbers, in addition to your name, address, phone numbers, etc. Amid the many scams that hit consumers in 2008, it’s nice to know that getting quick cash through payday loans from Personal Money Store is straightforward. People who take out payday loans know exactly what they are getting and how much it will cost. But in 2008, some people seeking to lower mortgage payments, reconfigure loans or just get their stimulus checks were victimized by con artists. I found some articles talking about scams that hit consumers in the past year and read up on them in hopes that 2009 won’t be such a lucrative year for con artists. Some tips I learned: the IRS will never contact you by phone, mortgage counselors don’t charge fees upfront and I need to keep an eye on my Internet bill next year. Check out this article to learn more about payday loans and avoiding deceptive practices.
PLUS Stephany Z. Says: January 19, 2009 (4:01AM) Having problems are really tough. Well, we cannot control the thing s around and sometimes it leads to be a kind of depression. Talking about the economy, we are all aware of the economic issues and we are hoping that this will be ease. Solving the unstoppable economic crisis is really hard but we should not be affected with this. Payday loans are there to help people in a financial bind, but con artists, frauds and scammers are out there waiting for people to take advantage of. There are a lot of scams out there, new and old, to watch out for this year. The credit crunch is causing people to pose as credit counselors and prey on people trying to get out of debt. If anyone asks you to pay debt-relief service fees upfront, without doing any work for you first, run! Also if someone is offering you payday loans, but you haven’t been approved yet, and they ask you to pay a fee, it is most likely a con. If you get offered a “job” saying you can work from home, but you must first pay for instructions or contact lists, don’t buy it. And don’t fall for overpayment scams – those are the worst. Check out this post to find out what an overpayment scam is, and to learn more about how payday loans can help instead of hurt.
PLUS Giovanny F. Says: January 28, 2009 (4:01AM) Headlines today are talking about the rising consumer sentiment index. I wasn't quite sure what that meant, so I checked out this article at my payday loan source that explains it. It measures consumer confidence in their finances and the economy. I am surprised that it's going up even though the economy is getting worse. Maybe it has something to do with the new president being inaugurated this week. There has also been a lot of talk about his economic stimulus plan. Maybe that is encouraging for people. The effect gives so many problems for everybody. There’s a lot of layoff and so many companies are bothered that this will take for so long. Well, even the big companies like Microsoft has layoffs and this unemployed workers will surely have their payday loan to survive in this critical times. To learn more, visit your payday loan source.
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