Allen and Sharon Schneider v. Citicorp Mortgage, Inc. and Citicorp

Citation Number: CV 97-837 (NG)(CLP)

Amicus brief objecting to a proposed settlement that called for consumers to be compensated with coupons for $100 off their next new mortgage or refinancing within the next two years in a case involving allegations that Citicorp violated the Real Estate Settlement Procedures Act. The FTC argued it is extremely doubtful that the case satisfied the legal requirements for class certification, that the coupons were worth much less than their face value, and that the proposed counsel fee appears excessive in light of the likely low value of the settlement.