If that is in fact correct, thank you for pointing it out. It changes a lot--the banks can't be sued anymore by the AGs, above and beyond the amount that is being wpecifically extorted in the settlement and being passed around. That makes it an election time bribe, because the money will go to people who don't necessarily deserve it. I'm glad to hear you think that individuals who have been defrauded can still sue for damages; I'm saddened that the government has piled on and named a capped price.
“I’m glad to hear you think that individuals who have been defrauded can still sue for damages; I’m saddened that the government has piled on and named a capped price.”
People who sue, individually, on a claim that their mortgage was foreclosed on and that they were defrauded, will have to prove more than some incidence of mortgage &/or title documentary mistakes were made, even as possibly due to “robosigning”, they will also have to show that without that issue they would not have been foreclosed on anyway. So far, their is very little evidence that there are such individuals.
The only “capping” is with regard to an amount/amounts settling the gubernut’s claims vis-a-vis irregulatories that contravened state and/or federal financial regulations. There is no “capping” relative to additional claims by individuals OR by any states that did not/do not sign on to the settlement agreement. That leaves a lot of room for further shakedowns by the tort lawyers fraternities.
Unfortunately, while our court system does provide for “friendly” “out of court” settlement agreements, it does not, unlike the U.K., require the loser to pay the winner’s legal fees if the case goes to trial. A vast number of suits in this country are settled “out of court”, even after the trial begins, not because the trial concluded the matter of guilt, but because the plaintiff, often the government, is committed to making any trial so costly for the defendent that a “settlement” is simply cheaper.
We get results where the defended is neither found guilty nor admits guilt, but will be tagged in public as guilty simply because of the charges and that they paid something in a settlement. It is not a system of “justice”; it is a system of public financed extortion.