“In this case, we are representing thousands of homeowners who, as a result of horrible practices, have wrongfully lost their homes or are facing wrongful foreclosure”
Agoura Hills, CA (PRWEB) June 02, 2011
M.J. Stein & Associates has filed a mass joinder lawsuit against Bank of America (BOA) in Florida, another of potentially the most significant and precedent-setting legal actions taken against lenders as a result of the national foreclosure crisis, it was announced today by Mitchell J. Stein, Esq. of Mitchell J. Stein & Associates.
The Firm has filed suit in Florida in behalf of a mass joinder of plaintiffs seeking damages and injunctive relief as a result of the Bank's alleged fraud and violations of the Deceptive Practices Act in Florida. The Firm is co-counsel in the case with former State of Florida Fraud Chief Michael Riley, Esq. The case is Sanchez v. Bank of America, Fla. 17th Circuit 11011352.
The lawsuit alleges Bank of America (BOA) perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA intended to deprive numerous rights and remedies for the problems they caused the borrowers.
“The scale of fraud we allege was perpetrated by Bank of America in this case is the reason we are working in partnership with Michael S. Riley, Esq., former State Prosecutor and Chief of the Fraud Division. Our case will prove the Bank did not care about borrowers who would suffer from actions that would generate profits for them and allow them to get out before the truth of their activities was exposed,” said Mitchell J. Stein, Esq. "The fraud we allege resulted in a mortgage meltdown which has lead to decreased home values throughout the state of Florida.”
According to court documents, the lawsuit claims the Bank disregarded underwriting standards and implemented a massive fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. The lawsuit alleges that, as a result of the Bank’s actions, borrowers lost equity in their homes, their credit ratings and histories were destroyed, and they incurred unnecessary costs and expenses.
Mr. Stein filed the suit along with Michael S. Riley, former Florida State Prosecutor and Chief of the Fraud Division.
Mitchell J. Stein & Associates is also leading the landmark lawsuit, Ronald v. Bank of America, Los Angeles Superior Court Case No. BC409444, the first mass joinder case filed against the banks following the bank fraud and economic "meltdown" of the 2008, in which the Firm is representing more than one thousand California consumers against attempted foreclosures by Bank of America. In October 2010, Mitchell J. Stein & Associates obtained an order in favor of all clients and against the Bank from Federal Judge Manuel Real who responded to one of the Bank's arguments as "absurd" and threw the Bank out of Federal District Court with respect to the case. On January 11, 2011, a Los Angeles Superior Court Judge ruled that the Ronald case states valid causes of action against Bank of America allowing for discovery and depositions that are now being conducted as the case moves forward in California State and Appellate Court. The case is rapidly moving forward in California State and Appellate Court. The Firm is unaware of any mass joinder case in which the Court has accepted the complaint and allowed Plaintiffs to proceed.
In addition to the landmark Ronald case, Mitchell J. Stein, Esq. has also filed lawsuits against other major banks and lenders on behalf of aggrieved consumers including, but not limited to, Locker v. Ally Bank, Superior Court Los Angeles, BC409444. a mass joinder case against Ally Bank and its affiliates, formerly GMAC, and Carlson v. J.P. Morgan, Superior Court Los Angeles, BC452262, a mass joinder case against the J.P. Morgan Group, on behalf of dozens of citizens and homeowners.
“Bad actors must be held responsible for the irreparable and massive damage done to people’s lives and the State of Florida due to their unbridled greed and avarice,” said Mitchell J. Stein, Esq. “In this case, we are representing thousands of homeowners who as a result of horrible practices have wrongfully lost their homes or are facing wrongful foreclosure,” said Mitchell J. Stein, Esq.
ABOUT MITCHELL J. STEIN & ASSOCIATES
Mitchell J. Stein & Associates is a California-based law firm founded by M.J. Stein, Esq. a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world's largest companies and has been involved in some of the highest profile cases in the Nation's history. The Firm’s philosophy is based on the belief that their clients’ needs are of the utmost importance and, as a result, a high percentage of the Firm’s business has been from repeat customers and referrals. The Firm’s practice areas include Complex Litigation, Bank Problems, Mergers & Acquisitions, Commercial and Residential Foreclosures , and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Pain and Suffering), through which victims nationwide, over the last 15-years, have received assistance following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victims Assistance (NOVA) for his work in protecting victims’ rights.
For more information call (877) 475-2488, visit http://www.dobielaw.org, or e-mail: oceibod(at)gmail(dot)com.
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