Comments Off on ACA Challenges Supreme Court

It is common for some Law Firms to sue Financial Institutions such as banks or debt collection agencies for technical violations. The Federal Courts allow for the granting of damage claims even if there is no indication that any damage occurred.
This is an expensive procedure and you are probably assuming a share of the damage through higher fees. The Federal courts now allow assumed damages.
The ACA, the most significant organization of Debt Collection Agencies, has submitted a brief to the U.S. Supreme Court requesting that the Court examine the carte blanche allowance of damages without proof. If successful, the ACA will eventually obtain a verdict requiring damage to be proven before litigation can take place.
If successful, this will lower rates for a wide variety of financial services. It could also mean that your company could not be held liable for assumed damages in a class action suit.
Of course, class action suits won’t go away. The difference will be that they can’t be based on damages that can’t be proven.
Take a look at this link for the details.

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