Posted on Aug 9, 2016
HSBC to pay service members for improperly repossessed cars
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The Justice Department announced that it had reached a $434,500 settlement with HSBC Finance Corp. over the repossession of cars owned by military service members.
The settlement covers the repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and provides protection against auto repossessions.
The Justice Department announced that it had reached a $434,500 settlement with HSBC Finance Corp. over the repossession of cars owned by military service members.
The settlement covers the repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and provides protection against auto repossessions.
The Justice Department says most of the military service members owed compensation under this settlement also received partial compensation through the Santander settlement. The new deal calls for service members who received payments under the Santander settlement to receive $5,500, and for those who did not, to receive $11,000.
The settlement requires approval in the U.S. District Court of the Northern District of Illinois.
The settlement covers the repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and provides protection against auto repossessions.
The Justice Department announced that it had reached a $434,500 settlement with HSBC Finance Corp. over the repossession of cars owned by military service members.
The settlement covers the repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and provides protection against auto repossessions.
The Justice Department says most of the military service members owed compensation under this settlement also received partial compensation through the Santander settlement. The new deal calls for service members who received payments under the Santander settlement to receive $5,500, and for those who did not, to receive $11,000.
The settlement requires approval in the U.S. District Court of the Northern District of Illinois.
HSBC to pay service members for improperly repossessed cars
Posted from armytimes.comPosted in these groups: 
CarsHSBC Securities
CarsHSBC Securities
Posted >1 y ago
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This seems like good news that Justice Department announced that it had reached a $434,500 settlement with HSBC Finance Corp. over the repossession of 75 cars that occurred between 2008 and 2010 owned by military service members SFC Joe S. Davis Jr., MSM, DSL.
Since it was the USA Justice Department enforcing the Servicemember's Civil Relief Act, I hope that legal fees were minimal and the service members whose cars were repossessed got the lion's share of award money.
Since it was the USA Justice Department enforcing the Servicemember's Civil Relief Act, I hope that legal fees were minimal and the service members whose cars were repossessed got the lion's share of award money.
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