Posted on 09/19/2008 8:50:38 PM PDT by Perdogg
For the Pritzker family of Chicago, the 2001 collapse of subprime-mortgage lender Superior Bank was an embarrassing failure in a corner of their giant business empire.
Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family's 50% ownership stake. She now serves as Barack Obama's national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her -- and perhaps to the campaign.
Superior was seized in 2001 and later closed by federal regulators. Government investigators and consumer advocates have contended that Superior engaged in unsound financial activities and predatory lending practices. Ms. Pritzker, a longtime friend and supporter of Sen. Obama, served for a time as Superior's chairman, and later sat on the board of its holding company.
Sen. Obama has long criticized predatory subprime mortgage lenders and urged strong actions against them.
(Excerpt) Read more at online.wsj.com ...
**IMPORTANT - class action award details at the bottom .. most folks will qualify for free credit monitoring.
~~~~
June 29, 2008
***
Possible sale of private data by TransUnion (((OWNED BY OBAMA’S CAMPAIGN FINANCE DIRECTOR, PENNY PRITZKER))) provides an opportunity for fee credit monitoring
***
If you’ve ever been curious about the many “credit monitoring” services advertised just about everywhere, you now have an opportunity to test one of those services for free as part of a class action settlement.
TransUnion, one of the three dominant credit repositories, was accused of selling consumers’ personal data to marketers in violation of federal law.
Sixteen different class-action suits from around the country were consolidated into a single case against TransUnion in U.S. District Court in Chicago.
Under the terms of the settlement reached in the consolidated action, you are eligible for benefits if you opened a credit account (credit cards, student loans, auto loans or mortgages, for example) between Jan. 1, 1987, and May 28, 2008.
About 160 million consumers qualify for benefits under the settlement, which includes:
* Nine months of free credit-file monitoring if you agree not to sue TransUnion seeking damages.
In addition to monitoring—the bureau alerts you by e-mail within 24 hours of any significant change in your credit data—you can also lock your file so lenders, insurance companies and others cannot access your report without permission.
In addition, you can receive “unlimited daily access” to your credit report and TransUnion credit score, plus other credit analysis tools. TransUnion estimates the retail value of this at $115.50.
* Six months of free credit monitoring, credit-lock privileges and unlimited access to your credit report and score. This option, valued at $59.75, allows you to receive a possible cash payment out of the $75 million fund if any money is left over after paying lawyers’ fees (I repeat, if any money is left over - it will be interesting to see if anything is left over), notification costs and named plaintiffs.
* Even if you choose to sue the company, you can still receive six months of free credit monitoring.
There really isn’t a good reason to pass on this settlement benefit.
UPDATE: Call it “postus-interruptus,” but I left out the last, crucial piece of information, where to submit a claim.
To submit a claim, visit the web site www.listclassaction.com, or call, toll-free, (866) 416-3470.
http://www.thecomplexlitigator.com/2008/06/possible-sale-o.html
~~~~
Wonder how many names went into the Obama campaign database.
This would be the perfect source for the multitude of Soros, DNC pacs and fronts to contact and send a $25 cash card to become “one of the millions and millions of small contributors across America” for Snowbama.
~~~
Settlement results in free credit monitoring service
http://www.cnn.com/2008/LIVING/personal/06/16/credit.score/index.html
~~~
**On another note, looks like most folks will qualify for this class action legal recourse award.
You can file your claim beginning June 16. Go to the Web site at http://www.listclassaction.com. You can also call the TransUnion settlement number at (866) 416-3470.
PASS IT ON.
Aww .. thank you ;)
Thanks, haven’t received any thing in the mail about a class action suit, but this will be checked into.
“engaged in unsound financial activities and predatory lending practices”
Closest advisors and financiers are responsible for years of suffering that are coming for middle-class America...
Welcome.
~~~
Settlement results in free credit monitoring service
http://www.cnn.com/2008/LIVING/personal/06/16/credit.score/index.html
It was a cached page. It would not open for me either..that’s why I posted the long url. Thanks for the tip on tinyurl too! That is going to be a great help! I am so HTML challenged..lol...just muddle my way through most of the time.
Would you believe this???
I’m laying on the sofa for a little nap,
got the Food Network on .. Paula Deen ..
Michelle O is coming on next to do some
fryin’ with Paula !!!!
ARggggh ... gimme a break .. barforama.
Think the Machine isn’t hard at work ??
“TransUnion, one of the three dominant credit repositories, was accused of selling consumers’ personal data to marketers in violation of federal law.”
“Wonder how many names went into the Obama campaign database.”
Good question! There is something very unsettling about this whole affair with Ponzi Penny...not to mention the other nefarious folks with connections to Obama. connections
Nonsense. According to the Washington Compost, linking Obama to shady figures is a stretch.
Good lord...Please tell me she is not going to fry chicken??!! Do tell us what Michelle is fryin up though!
Fried Arugula??!
Thank you for the update information.
WASHINGTON, D.C. – The Office of Thrift Supervision (OTS) announced today that it has resolved charges against Ernst & Young LLP, the former independent auditor of Superior Bank, FSB, Hinsdale, IL, through issuance of a Consent Order.
The Consent Order requires that Ernst & Young adopt and implement specific internal controls and policies concerning its audits of federally-insured savings associations, and provide periodic reports concerning such audits to the OTS. In addition, the Consent Order requires that Ernst & Young pay $85,000,000 to the Federal Deposit Insurance Corporation (FDIC) as receiver for Superior Bank. Ernst & Young agreed to issuance of the Consent Order without admitting or denying that its conduct in auditing Superior Bank did not comply with any professional accounting standards... link
(7-27-2001)
The Federal Deposit Insurance Corporation today transferred the insured deposits and substantially all the assets of Superior Bank, FSB, Hinsdale, Illinois, to Superior Federal, FSB (New Superior), a newly chartered, full-service mutual savings bank. Superior Bank, with total assets of $2.3 billion and total deposits of $1.6 billion, was closed earlier today by the Office of Thrift Supervision, and the FDIC was named conservator.
...At the time of closing, Superior Bank had about $42.9 million of potentially uninsured deposits held by approximately 1,000 depositors. The FDIC will contact customers with uninsured deposits to arrange an appointment with an FDIC claims agent...'link
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.