In November, Hilgers Graben filed a class-action lawsuit in California against three Appraisal Management Companies (AMCs) alleging unjust enrichment and unethical practices towards homebuyers. The lawsuit highlights the issue of undisclosed fees, believed to affect many consumers. Lawyer Michael Merriman indicated a widespread problem while noting that individual fees, although small, accumulate significantly across the industry. Meanwhile, Morgan & Morgan has initiated its own investigation into AMCs and may file suit, emphasizing the growing role of consumer protection lawyers, especially amidst challenges faced by the CFPB.
This came across our radar screen and as we looked into it, we realized that this was a widespread practice.
Morgan & Morgan said that two consumers approached the firm about AMCs about a year ago. This prompted an investigation into how widespread the alleged problem is.
The drama at the CFPB just creates a greater importance for consumer lawyers like me in my firm, said John Yanchunis.
We're going to be busier because of it. I'm a big supporter of the CFPB and their absence is not going to be helpful to consumers.
#class-action-lawsuit #appraisal-management-companies #consumer-rights #unfair-practices #legal-advocacy
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