After nearly three years of litigation in the United States District Court for the Central District of Illinois, final approval has been granted to a settlement of claims arising from the collapse of the former Taylor Bean & Whittaker mortgage loan portfolio and subsequent take over of the loans by Bank of America. The settlement, valued by the court at nearly $20,000,000, is providing complete relief to a class of over 10,000 borrowers whose accounts were not credited with payments made in August, 2009 following the take over of the portfolio by Bank of America. As part of the settlement, all accounts have or are being credited, all late fees are being reversed or refunded, and the class is being provided with a variety of other injunctive relief including corrected tax reporting and credit correction services, among other things.
Eric D. Holland of Holland Groves Schneller & Stolze, LLC, was appointed co-lead counsel by the court last year and helped lead the case to its successful conclusion, as did Holland Groves partner Gerard B. Schneller. In its final approval order, the court recognized these efforts as well as the qualifications of counsel, finding that Mr. Holland and his colleagues were “well qualified and competent in the area of complex litigation and nationwide class actions”, pointing in particular to the court’s “observations during hearings held in this case.” A complete copy of the court’s order is available below.
For additional information about this case or any other possible matter involving a financial institution or firm, please contact Mr. Holland at eholland@hgsslaw.com or 314-241-8111.