The settlement approved by the federal court judge, Judge Dow, is a disgrace to the judicial system, and wreaks of unjust enrichment by the defendant.
OK, I am not even going to try to recite the facts and figures enumerated in the ridiculous “final Judgment” by the aforementioned Judge Dow. Is this whole world now revolving around the almighty dollar? The estimated profit enjoyed by Fifth Third Bank from the “Overdraft Fees” of their OWN innocent customers, was around $250Million per year. There is an estimated 100,000 plus claimants, who have filed for compensation under the settlement plan approved by the court.
The agreed settlement figure is $9.5 Million! Now I know of many people, who suffered in excess of $1000 in absurd Overdraft fees by Fifth Third. If you give each of the 100,000 claimants only $100 each, we are already at $10 Million dollars. So, if you were one of the unlucky individuals who was harassed and manipulated by your Fifth Third Bank, you can expect to get back less than $100 each. Excuse me, but that is absolute and total BULLSHIT!
Individuals objecting to the settlement, stated the argument that similar cases of excessive and unfair Overdraft Fees by Wells Fargo Bank, and Bank of America, required anywhere from $220 Million to $450 Million in settlement amounts. The unbiased CPA who used an extremely confusing set of economic formulas to arrive at the $9.5 Million settlement amount, stated that it would take approximately $95 Million dollars to satisfy potential claims submitted by the class members. That $95 Million Dollars was somehow mystically reduced to $9.5 Million to satisfy claims.
Some fo the reduction factors involved, which I tried to read, but found it to be confusing and boring, were the potential defenses of the Defendant (Fifth Third Bank), which supposedly would reduce settlement amounts, the value of money, the potential for false claims etc. etc.. In short it involved a scenario of F— Y– bank customers and taxpayers, because we are bankers and are above the law.
The judicial system, and the judges involved in screwing the system up, should be investigated for providing preferential treatment and judgments to the major corporations in this country. These types of disgraceful manipulations of litigation, and the simple minded court systems, by those who have the financial wherewithall to outspend the average citizen, is running rampant in the United States today.
We already know that the United States Supreme Court is in the pockets of BIG MONEY by their ruling that FOREIGN Corporations can invest money and/or finance elections, and candidates, taking place in the United States. That decision, and the blatantly bias decisions, in the Gore/Bush election typified the extent of corruption in the judiciary in America.
What I don’t understand is why the FBI, or the Justice Department refuse to pursue cases of blatantly biased and incompetent judges and court systems. If the American Voting Public does not start paying attention to the elections, and the positions of candidates in this country, we could easily become a TWO Class system, the VERY Rich and the Very Poor!
My advice on the judicial system is, if you don’t understand the judges positions or previous rulings, find out what party he or she is affikliated with. Don’t believe that they are unbiased candidates, that is a bold face lie! All judges have past political affiliations, which they tried to keep secret, and hide from the voters come election time. Anyhow, if you don’t understand their positions, simply DO NOT VOTE FOR ANY REPUBLICAN or TEA PARTY REPUBLICAN JUDGE! They historically, ALWAYS rule on the side of money and big business.
Published in: Personal Finance