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Ameriquest Settlement 29 Class Action Lawsuits

Ameriquest group of subprime lenders has agreed to settle 29 class action lawsuits alleging predatory lending. The group has pledged $22 million to repay those aggrieved borrowers. This settlement potentially affects 712,000 borrowers across the United States. Many of the loans included in the settlement were form Argent Mortgage Co., an arm that funded borrowers through mortgage brokers. Payments to the borrowers will differ depending on the relative strengths and potential damages of each type of claim, and the proposal excludes borrowers who accepted previous individual and class action settlements. Those who have neither opted out nor submitted a claim from will receive no settlement money. They will have also given up all rights to file suit and seek damages.

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