Boston, MA: (Mar-20-08) A class action lawsuit was brought against Accredited Home Lenders, alleging consumer fraud and unjust enrichment. The suit received class action status after Madison County Circuit Judge Nicholas Byron decreed it, stating also an Illinois class action on consumer fraud, apart from the unjust enrichment claims.
Sources close to the case stated that the two sides reached a settlement agreement, resolving the dispute. Under the terms of the agreement, the mortgage firm agreed to provide $250,000 for class counsel and $5,000 for lead plaintiffs Paul Wratchford and Ladonna Wratchford, who claimed they were overcharged by Accredited for a courier fee in 2000 while closing on a loan. The class comprises of anyone who borrowed from the lender since 1997 and the settlement stipulated that anyone who borrowed from Accredited Home Lenders could receive a $10 refund. [
