For the second time, a federal appeals court has overturned an eight-figure settlement in a class action predatory lending suit on the grounds that the trial judge failed to follow the rigorous and precise steps involved in certifying a settlement class.
In its 100-page opinion in In re Community Bank of Northern Virginia, a unanimous, three-judge panel of the 3rd U.S. Circuit Court of Appeals overturned a $47.6 million settlement on the grounds that the trial judge applied the wrong legal standard in ruling on class certification.
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