Lifelock Class Action Lawsuit

Class Action Lawsuit Against American Express, Chase Bank and WorldCom

The Lifelock Class Action lawsuit is a proposed class action lawsuit that purports to provide consumers with relief from debt. This company is associated with a financial planner who is affiliated with the National Foundation for Credit Counseling (NFCC). The scheme was devised by Robert Lifelock, a certified public accountant. He was one of the authors of the Credit Counseling Resources (CRR) Manual, which has become an internationally recognized bible for credit and finance specialists. The manual was designed to guide consumers in identifying good credit risk and how to evaluate their financial position.

According to the complaint, Mr. Lifelock encouraged clients to place negative items on their credit reports in order to obtain credit repair assistance. The lawsuit asserts that he counseled his clients to exaggerate their credit problems in order to receive reduced credit scores. The plaintiffs were not able to obtain any assistance from the defendants due to the defendants’ refusal to provide substantiating evidence supporting their claims. In fact, many of the supposed victims filed for bankruptcy to escape debt. Mr. Lifelock is currently associated with a number of lawsuits that are pending before the courts.

There are two class action lawsuits that have been launched as a result of the alleged scheme. One suit was brought by attorneys representing the State of Idaho. The suit names several individual defendants, including defendants WorldCom and ComStar. Another suit, brought by attorneys representing Illinois, targets General motors, American Express, Bank of America and Chase bank. Both suits seek class action status.

Both these companies deny the claims and have filed counter-suits against the plaintiffs. In addition, the state of Idaho, which is the plaintiff in this case, has filed a claim of fraud against Mr. Lifelock. The defense has filed its own class action lawsuit against the defendants.

Mr. Lifelock is one of the nation’s leading experts in assessing the credit history of corporations. He has devised his own scoring system called the Lifestyles of the Rich and Famous Scores. This scoring system provides an objective analysis of the creditworthiness of corporations. His work has also led other people to develop similar formulas and to publish their works as books. Mr. Lifelock and other class action lawsuit attorneys have consulted with the Federal Trade Commission on a proposed class action lawsuit concerning the alleged defrauding of the customers of American Express, Chase Bank and WorldCom.

Attorneys for these three defendants intend to vigorously contest these class action lawsuit filings. The defendants deny all claims and blame the attorneys for generating “baseless” claims and “motivated” allegations. These companies have hired their own “insider” firms to assist them in responding to these legal actions. Many of the attorneys involved in these cases have a conflict of interest regarding the conduct of their business. Some of these attorneys are paid a contingency fee, while others receive a percentage of the settlement money or a flat fee for bringing the case to court.

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