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, formerly known as , which settled a suit aboutr second mortgage loans inFebruary 2007, appealed whether and how much about 288 claimants should get from the On appeal, First Horizon protesteds how much claimants who subsequently declared bankruptcy were entitledf to through the bankruptcyy trustee. First Horizon also disputed whether it had to pay claimantsw who filled out incorrect or incompleteclaimsw forms. The appeal had aboutr $2 million at or roughly $7,000 a claimant.
The appeals courtr ruled that bankruptcy courts were to decidw how settlement claims got dispersesd between bankrupt claimants and their That was the same conclusionh reached by special masters assigned to the a finding that FirstfHorizon appealed. Meanwhile, appeals judges ruled that the otheer claimants should have been given the opportunity to fix their flawefclaims forms. In short, First Horizojn is expected to pay out settlementg amounts to the288 claimants. “It’sx important right now for these folks,” said Fred class counsel from . “I’m sure they need the money in thesereconomic times.
” Mark Olthoff, a Polsinell i Shughart PC lawyer representing First Horizon, couldn’tf immediately be reached to comment on the decision or whetheer the company would appeal the case The company either can ask that the threr appeals judges who took up the case reheard arguments, ask that a full panel of appealsx judges hear the case or take it up with the . Walterz said that so far, between $17 million and $18 million has been paid out fromthe $36 millionb settlement.
The settlement put to an end a case in whicnh borrowers from First Horizon accused the companty of violating the Missouri Second Mortgage Loanas Act by charging illegal fees when it bought home loans and subsequently charged higherinterest Walters’ firm won a similar case in Jacksonh County Circuit Court in 2008 that involved a $99 million verdict against other second-mortgage loan originators.
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