There are a lot of state and federal laws that are meant to protect consumers. Yet, the sad reality is that businesses continue to take advantage of their customers on a constant basis. Although these companies might be criminally charged, those charges do nothing to help consumers recover the financial damages that have been caused to them. Fines issued through a criminal case can also pale in comparison to the financial benefit these companies see by breaking the law. This is why class action lawsuits are so important.
Fifth-Third Bank facing class action lawsuit
To see an example of this, just look at the current pending litigation against Fifth-Third Bank. There, a court just ordered that a class action lawsuit can proceed against the institution for its deceptive practices in issuing short-term loans to its consumers. The loans, which were backed by the borrower’s next direct deposit, allegedly promised interest rates that turned out to be much higher than advertised, perhaps even 15 times more than anticipated by consumers. This, the plaintiffs claim, violated the Truth in Lending Act.
An illustrative example of what you could do
This case highlights how one person can be the catalyst for impactful action against big corporations. Every class action lawsuit begins with just one or a handful of people who think that they and others similarly situated have been wronged. They then file a claim and seek class status, which allows them to move forward with their claim on behalf of those who have suffered similar harm.
Know the power of your voice
A lot of people feel like they’ve been wronged by business. Most of them don’t do anything about it. Don’t let that be you. If you think that you’ve suffered financial harm because of deceptive practices, defective products, or some other type of wrongdoing on the part of big business, then let your voice be heard. Consider talk about your situation with a legal team that knows how to tackle class action cases. After all, you could be the change that finds accountability, changes practices, and recoups money for hundreds or even thousands of others of innocent victims.