Household Financial class action settlement nets $125,000 in fees; $10 for class members
A 2004 class action suit filed against Household Financial Services over its mortgage interest rates is over.
Madison County Circuit Judge Daniel Stack gave the final approval of the $100,000 settlement in the case Friday morning.
The suit, one of a number filed by the former partnership of Paul Weiss and the then-Lakin Law Firm, netted class attorney Mark Brown $125,000 in legal fees.
Class members in the suit brought by lead plaintiffs Paul and Ladonna Wratchford, get $10 a piece.
The Wratchfords receive $2,500 collectively.
At Friday's hearing, Brown indicated there were just fewer than 11,000 class members.
The suit gained its initial settlement approval in March.
The suit encompasses the claims from Household Financial customers stretching from 1993 to 2003.
The suit claims the company overcharged customers on interest payments.
The class action was certified by then-Madison County Circuit Judge Phillip Kardis.
Brown represents the Wratchfords and the class.
Vanessa Jacobsen and Debra Zahalsky represent Household Financial.
The case is Madison case number 03-L-541.