Class-Wide Relief not Available for Rescission Claims, Court Rules
October 6, 2008
The mortgage industry is feeling quite relieved after a federal appeals court in Wisconsin concluded that class-action relief is not allowed for rescission claims under the Truth in Lending Act. In a long-awaited decision Sept. 24, the U.S. Court of Appeals for the 7th Circuit reversed a lower court’s decision to certify a class action for rescission in Andrews v. Chevy Chase Bank...