Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Credit Cards

Capital One Accused Of Deceiving Credit Cardholders. Promised 0% Cash Advances But Charged 13% Or More

ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,705
1. Monday, June 13, 2011 - 9:10 AM
The only ones who make any money in these lawsuits are the money hungry lawyers who file the action and not the aggrieved parties.  That's why they're so eager to take on these cases.  It's minimum work, and maximum payout if they win.
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
2. Monday, June 13, 2011 - 11:00 AM
Under the circumstances what would you suggest?  It's the stick, not the carrot that deters bad bank behavior.
4
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 334
3. Monday, June 13, 2011 - 1:44 PM
I agree with you, CraigPD. The carrot, however, still goes to the plaintiffs' attornies; while each of the parties who make up the class action group generally receive a pittance of the settlement amount. And they are the ones who were harmed, not the lawyers.
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
4. Monday, June 13, 2011 - 1:47 PM
Class actions aren't about getting fair compensation for each class member. They're about getting the company to change its practices. If you want fair compensation, you have to sue individually (but in most cases, the cost of doing so outweighs the harm you suffered...so really, not practical unless you can sue in small claims court).
1
eric2eric218 posts since
Oct 17, 2010
Rep Points: 160
5. Monday, June 13, 2011 - 2:27 PM
Oh, you're kidding, right?  :-)
2
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
Reply