2015-09-11bloomberg.com

Casting itself as defending the little guys caught up in the subprime crisis, Brookstone, founded by a 41-year old attorney named Vito Torchia Jr., has represented at least 4,000 clients in a dozen mass joinder lawsuits against big banks, including Wells Fargo and Bank of America. Court documents indicate Brookstone's earnings during 2011 and 2012 could be in the tens of millions of dollars. Yet the firm has yet to win a single one of these cases on the merits.

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Banks' responses to Brookstone suits have varied. Some voluntarily halted foreclosures and even mortgage demands as long as the cases were active, as JPMorgan Chase did with the Potters. As the cases dragged on or got dismissed, however, banks again started demanding payments. Today, all but a few of Brookstone's dozen mass joinders have been mostly or entirely dismissed, including one against OneWest and IndyMac banks that was filed in November 2013. Increasingly, Torchia is dealing with angry clients who say they're no better off than when they started.



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