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Foreclosure Fraud Cases

Stone v. Washington Mutual Bank et al. 1:10-cv-06410 (N.D.Ill) Chicago

Summary:

Purported class action alleging foreclosure fraud. JPMorgan is successor in interest to Washington Mutual, the original lending bank. The actions asserts claims under the Racketeer Influenced and Corrupt Organizations Act (“RICO”) claiming that lending banks, document servicing companies, lawyers, shell companies and others have conspired to use forged documents, legal proceedings initiated by parties with no legal interest, and other actions to illegally foreclose on homes, reaping large profits. Plaintiff alleges that in addition to harming homeowners and the rightful creditors on mortgage loans, these activities have driven down real estate values, damaging the economy. Lead plaintiff claims over $5million in damages plus $1m emotional distress; seeks $1000 under FDCPA for each class member in addition to their actual damages; plus punitive damages.

Status:

As of 30 March 2011 the parties were submitting briefs on defendants' motions to dismiss.

Documents:

  1. http://jpmorgan-watch.com/files/26_stone_v_washington_mutual_et_al.,_class_action_complaint.pdf