Lakin Law Firm class action attorneys and Fifth Third Mortgage Company have settled a Madison County suit that the Lakins bargained down to a penny.
On Nov. 7, Lakin clients Michael Stevens and Helen Stevens dismissed a claim that Fifth Third charged them more for a credit report than the report cost.
At a hearing last year, Mark Brown of the Lakin firm told Circuit Judge David Hylla his clients could recover damages if Fifth Third added one cent to the cost of the report.
Hylla ruled that Brown's clients could pursue claims of unjust enrichment and breach of contract, but they did not pursue the claims.
The case remained idle until the parties reached agreement.
The stipulation of settlement that they presented to Hylla did not reveal terms.
The Lakins filed the suit in 2003, as one of about 30 proposed class actions over fees that lenders charged when closing mortgages.
In the Stevens case, Fifth Third Mortgage charged $100 for a credit report.