CCFJ.NET: Bank files class action against company over allegedly illegal collection practices
…company…buys delinquent receivable accounts from condominium and homeowners associations
Article Courtesy of The Legal Newsline.com
By Jessica Karmasek
Published December 30, 2015
TAMPA – A full-service bank has filed a class action lawsuit against a specialty financing company that buys delinquent receivable accounts from condominium and homeowners associations, alleging the company’s practices are illegal.
Plaintiff Wilmington Savings Fund Society, FSB, as trustee of the Primestar-H Fund 1 Trust, sued Business Law Group PA, or BLG; LM Funding LLC, or LMF; and Bruce Rodgers, who is set to become chairman of the board and CEO of LM Funding America Inc. and will remain a substantial stock owner after the company goes public.
Wilmington Savings filed its class action in a Florida circuit court Oct. 28.
The bank, which does business in Hillsborough County and in the state of Florida, purchases notes and mortgages securing residential properties in the state. According to the bank’s lawsuit, it then improves and sells the residential properties. Read more: