Class Action Dilemmas: Pursuing Public Goals for Private Gain

By Deborah R. Hensler; Nicholas M. Pace et al. | Go to book overview
First notice mailed January 27, 1997
Notice published in USA Today February 3, 1997
Opt-out cutoff for first notice recipients February 26, 1997
Claims cutoff for first notice recipients (later dropped) February 26, 1997
Second notice mailed February 27, 1997
Objection filing cutoff March 2, 1997
Opt-out cutoff for second notice recipients March 13, 1997
Claims cutoff for second notice recipients (later dropped) March 26, 1997
TLPJ Motion to Intervene April 9, 1997
Fairness hearing April 16, 1997
Enhancement to Stipulation of Settlement April 22-23, 1997
Final fairness hearing May 28, 1997
Second Enhancement of the Stipulation Agreement June 6, 1997
Final Judgment June 26, 1997
Permanent injunction on BankAmerica's CPI policies June 30, 2001

NOTES
1
As part of our research on this litigation, we collected information from the primary plaintiff, defense, and intervenor attorneys; defendant spokesmen; and judicial officers. We also reviewed the pleadings and papers filed in the case as well as other publicly available documents including newspaper articles, magazine articles, and press releases.
2
Graham v. Security Pacific Housing Services, Inc., No. 2:96-CV-132 (S.D. Miss. filed Apr. 1, 1996).
3
For a good discussion of the mid- 1980s banking crisis, see Lawrence J. White, The S & L Debacle: Public Policy Lessons for Bank and Thrift Regulation ( New York: Oxford University Press, 1991).
4
See Kenneth Cline, "Collateral Protection Insurance Cases Are Fewer but Remain Expensive", American Banker, Sept. 14, 1994, at 5; Kenneth Cline, "Once Obscure Auto Insurance Product Brings an Avalanche of Costly Lawsuits", American Banker, Dec. 9, 1993, at 4.
5
Adams v. Security Pacific Housing Services, No. CV 95-P-1958-W (N.D. Ala. filed 1995) and Burke v. Bank of America, No. CV-93-23222 (Ca. Super. Ct. Maricopa County filed 1993).
6
Graham v. Security Pacific Housing Services, Inc., No. 2:96-CV-132 (S.D. Miss. filed Apr. 1, 1996) (hereinafter Complaint).
7
Bentley v. Deposit Guaranty National Bank (S.D. Miss. 1995). However, according to our interviews, this was his only previous CPI case.
8
Complaint at 1-2. The Bradys had obtained a loan from BankAmerica Housing Services, Inc., a division of BankAmerica Corp. Id. at 5-6. The Grahams had obtained a loan from Security Pacific Housing Services, Inc., a division of BankAmerica Corp. Id. at 3-5.
9
Id. at 1.
10
Hereinafter, we use the term " Bank of America" to refer to all defendants, including the former Security Pacific National Bank and its subsidiaries and the former Bank of America and its subsidiaries.

-206-

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