Lakin seeks $100k in fees to settle mortgage class action
The parties in a long-running Madison County class action over fees charged to mortgage customers are asking for a judge's final settlement approval.
Circuit Judge David Hylla will hear arguments in favor of the final approval of the settlement between lead plaintiff Todd Morgan and Countrywide Home Loans LLC June 28 at 10:30 am.
Hylla already gave the settlement the initial go-ahead in February.
Morgan leads a class of mortgage holders who claim that Countrywide overcharged closing costs.
Hylla initially approved the settlement Feb. 22.
Under the settlement, class members would each receive $30.
The class representatives would receive $10,000.
The class's attorneys, Bradley Lakin, Robert Schmieder II and Mark Brown, are asking for $100,000 in legal fees, according to a May 24 motion.
The hearing is slated to begin at 10:30 a.m. on June 28.
Another class action against Countrywide that is also led by Morgan is also set for hearing next week before Madison County Circuit Judge Barbara Crowder.
The class actions were among a series filed beginning in 2003 by the now defunct partnership between the current LakinChapman firm and that of Freed & Weiss.
There has been little action in the 2004 case before Crowder since Freed & Weiss withdrew in 2008.
Countrywide is represented by Beth Bauer.
The Morgan case before Hylla is case number 03-L-980.
The subsequent Morgan case assigned to Crowder is case number 04-L-1432.