Prospect / Metrocities Class Action Settlement

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

California loan officers who were employees of Metrociti-Metrocities-Prospect Mortgage between January 1, 1998 and December 8, 2011 may be eligible for financial compensation under the terms of a class action settlement. The lawsuit alleged that Metrocities made illegal deductions from lo commissions for advertising-marketing fees and early loan payoffs.

The defendants have consistently denied all the allegations in the complaints filed with the court.

Employees and former employees should receive a Notice of Class Action Setttlement in the mail soon at their last known address. If you believe that you may be eligible for compensation and do not receive a notice you may contact the claims administrator after February 1, 2012.

CPT Group
16630 Aston
Irvine, CA 92606
1-888-819-3528

When you receive the notice, please read it carefully. You have the right to be excluded or object to the terms of the settlement.

All questions or concerns should be directed to class counsel Wilmer Harris (626) 449-4219 or email wharris@sdshlaw.com . Do not contact the court directly since they will not answer any questions.

The case in question is Petzold vs Metrocities and was filed in Los Angeles Superior Court, No. BC 365594

This forum post was made by the Plaintiff Steve Petzold with the sole purpose of making sure that the class settlement information reach those who may have moved or relocated and do not receive the official notice. No malicious intent is made or implied towards the defendant.

Please read and consider the terms of the settlement carefully.

Stephen C Petzold

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

Wilmer Harris , class counsel confirmed with me (Steve Petzold) that the Class Settlement Agreement was mailed to past and present CA loan officers of Metrocities/Prospect on February 8, 2012. If you do not receive a notice and believe that you are in the covered class, I urge you to contact the claims administrator (CPT Group) to verify eligibility and/or update your mailing address.

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

You are now able to contact the CPT Group to determine the settlement amount that you entitled to under the terms of the proposed agreement in Petzold VS Metrocities Mortgage , LLC et al. The hotline # is 888-819-3528.

Steve Petzold

Posted: Tue Feb 21, 2012 6:31 pm

this about over time payment? or ppl using their own equip for the job? Just b/c you are on comm only doesnt leave these companies off the hook from paying you. I talked to a attorney years ago about the criminal acts many brokers were pulling on their LO's

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

The original complaint dealt with deductions against earned commissions for advertising/marketing fees-and repayment to the company for Early Payoffs (EPOs). The settlement covers all CA loan officers who had earned commissions from Metrociti-Metrocities-Prospect Mortgage and any other DBAs under their control between January 1, 1998 and December 8, 2011.The full terms of the proposed settlement have been mailed and are posted on the attorney's web site. http://www.losangelesemploymen.....-Action-1/ . For any details you should contact the settlement administrator or class counsel Wilmer Harris at (626) 441-4129

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

As of yesterday 79 notices had been returned with no forwarding/trace addresses out of 1600+ that were mailed. If you did not receive a notice or know of a CA loan officer of Metrocities/Prospect that may be eligible to participate in the settlement, I urge you to contact the administrator. Those funds that are not distributed will be donated to charity under the terms of the agreement. Exclamation

Dud? Joined: 02 Nov 2007 Posts: 10 Location: California

The attorney has advised me that class members of Petzold vs Metrocities should be receiving there check in the mail soon. The settlement funds have been sent to the administrator.

Steve Petzold