Bailey V. JAMOS Fund Settlement

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Bailey V. JAMOS Fund Settlement
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If, at any time from October 13, 2008 through present day, you had a certificate of delinquency purchased against you or your property by JAMOS Capital, LLC, JAMOS Fund I, LP, or a subsidiary, agent, or partner thereof, within the Commonwealth of Kentucky, and were assessed the statutory maximum of prelitigation attorneys’ fees and were assessed interest for the month in which the certificate of delinquency was purchased via a 50-day notice letter, and you actually paid to release the lien, you may be entitled to a payment under a proposed class action settlement.

 

 

The information contained on this web page is only a summary of information presented in more detail in the Notice, which you can access by clicking here.  Since this website presents just summary information, you should review the Notice for additional details.

 

If you are a member of the Settlement Class, your legal rights are affected whether you act or do not act.

Please read the Notice carefully.

 

IMPORTANT DATES AND DEADLINES

DO NOTHING

Remain in the Settlement Class and receive payment. You will not be able to bring any other claims against JAMOS or the Attorney Defendants for issues arising from or relating to the legal claims in this case.

EXCLUDE YOURSELF

If you exclude yourself, you will receive no benefits of proceeds from this settlement, but you keep the right to file a lawsuit unless some other circumstance bars you from bringing suit. To exclude yourself, you must submit a signed request for exclusion no later than September 10, 2017.

OBJECT TO THE SETTLEMENT

Write to the Court about why you don’t like the settlement and do not want it approved. Act by September 30, 2017.

GO TO A HEARING

Ask to speak in Court about the fairness of the settlement on October 26, 2017.


 

What is this case about?

JAMOS Fund I, LP, and Jamos Capital, LLC, purchased certificates of delinquency on properties where the owner failed to timely pay taxes, and the Jamos Entities retained the Attorney Defendants to collect the debt owed to pay off the certificate. In collecting this debt, attorneys’ fees and interest were charged that the Class Representatives allege were unearned, unreasonable, and in violation of the law. The Jamos Entities and the Attorney Defendants deny the allegation and any wrongdoing, and the Court has not made a final decision either way.

 

Why is there a settlement?

Plaintiffs believe the Class might have won more money than the settlement amount had the case gone to trial, but substantial delays and risks would have occurred, including the risk of the suit not being certified as a class action. The Jamos Entities and the Attorney Defendants believe that the claims asserted in the case are without substantial merit and that the Plaintiffs may have recovered nothing if there had been a trial, but there has been no trial. Instead, both sides agreed to a settlement. That way, they avoid the cost and uncertainty of a trial and appeal, and the people affected will get compensation and other settlement benefits promptly. The Class Representatives and the Class Counsel, defined below, believe that the settlement is best for all Class Members.

 

Who is included in the settlement?

The “Settlement Class” includes the following subclasses:


1)     Damages Subclass: All persons who, at any time during the Class Period from October 13, 2008, through the present day, had a certificate of delinquency against his, her or its property within the Commonwealth of Kentucky purchased by the Jamos Entities, or a subsidiary, agent, partner or assignor thereof, as to which the Jamos Entities assessed (1) the statutory maximum of prelitigation attorneys’ fees; and/or (2) interest for the month in which the certificate of delinquency was purchased, and who actually paid such fees and/or interest.

2)     Injunctive Relief Subclass: All persons who, at any time during the Class Period from October 13, 2008, through the present day, had a certificate of delinquency purchased against his, her or its property within the Commonwealth of Kentucky by the Jamos Entities, or a subsidiary, agent, partner or assignor thereof, as to which the Jamos Entities assessed (1) the statutory maximum of prelitigation attorneys’ fees; and/or (2) interest for the month in which the certificate of delinquency was purchased, and who did not pay such fees or interest, but against whom a claim for such fees or interest remains outstanding.

 

What is the proposed Settlement?

In exchange for releasing certain claims against the Attorney Defendants (see Question 9, below, for a description of the released claims), eligible Settlement Class Members will receive the settlement benefits described below.

Payments to Settlement Class Members

To resolve claims of all Settlement Class Members, the Attorney Defendants have agreed to pay approximately $1 million to the Settlement Class, and the Jamos Entities have agreed to cease any attempts to collect additional unpaid amounts, which total approximately $1.5 million.

Assuming the Court approves the proposed settlement at the Final Fairness Hearing, within seven (7) days after the entry of the Order Granting Final Approval of the Class Settlement Agreement, the Attorney Defendants will deposit approximately $1 million into a non-interest-bearing escrow account established and maintained by the Settlement Administrator (the “Settlement Fund”), from which payments will be issued to eligible Settlement Class Members.

If all of the Settlement Class Members remain in the Settlement Class, each eligible Settlement Class Member shall be entitled to an individual award representing the member’s pro rata share of the Net Settlement Proceeds. Each Settlement Class member’s pro rata share shall be calculated according to the formula A / B x C, where “A” represents the total in attorneys’ fees and first month’s interest actually paid by a Class Member, “B” represents the aggregate total of all such attorneys’ fees and interest paid by the Settlement Class members, and “C” represents the Net Settlement Proceeds.

Relief checks will be mailed to all Settlement Class Members after the Court issues a final approval of the proposed settlement and that Order becomes effective. Relief checks will expire one hundred twenty (120) days after their date of issue.

Additional Settlement Benefits

The proposed settlement also includes the following terms:

Defendants Will Pay $10,000.00 Each to the Settlement Class Representatives

Defendants will make a payment of $10,000.00 to each of the Class Representatives to resolve their claims and also in recognition of their efforts on behalf of the Settlement Class.

Disbursement of Remainder of Settlement Fund/Cy Pres

In the event any portion of the Net Settlement Proceeds has not been disbursed as provided for in the Class Settlement Agreement, after a period of 180 calendar days has elapsed from the date on which the disbursement checks were issued by the Claims Administrator, then such remaining amounts may be disbursed in one or more of the following ways:

·         Class Counsel may petition the Court for all or a portion of the funds as attorneys’ fees in recognition of the amount of work performed on behalf of the Damages Subclass as well as the Injunctive Relief Subclass, who are not paying any attorneys’ fees for the benefit they obtained.

·         Remaining funds may be combined with any funds obtained through the bankruptcy estate of the Jamos Entities, which shall be distributed pro rata to those Damages Subclass members who received and negotiated their Settlement Award.

·         Under no circumstances will any Damages Subclass members be compensated above the amount of disputed attorneys’ fees and/or interest that those Class Members actually paid.

·         Cy pres: If any Residual Funds remain in the Settlement Fund following the above process,  no less than 25% of those funds may be disbursed to the Kentucky IOLTA Fund Board of Trustees, to be allocated to the Kentucky Civil Legal Aid Organizations based upon the current poverty formula established by the Legal Services Corporation to support activities and programs that promote access to the civil justice system for low-income Kentuckians. See Ky. CR 23.05(6)(6). Any additional remaining amounts shall be disbursed as approved by the Court.

 

 

What Are Your Legal Rights?


If you are a Class Member, you have the following options:

 

Remain a Class Member

If you want to remain a Class Member and participate in this Settlement, you need not do anything at this time. By participating in the Settlement, you will be bound by all orders of the Court relating to the Settlement. If the Settlement is approved, all related legal claims against Defendants Smith and Voss will be released and forever barred. 

Exclude Yourself

If you do not want to be included as a Class Member, you must exclude yourself. If you exclude yourself, you will receive no benefits of proceeds from this settlement, but you keep the right to file a lawsuit unless some other circumstance bars you from bringing suit. To exclude yourself, you must submit a signed Request for Exclusion no later than September 10, 2017.  For details on how to properly exclude yourself, please visit the web site or call the telephone number posted below.

Object

You can tell the Court if you do not agree with this Proposed Settlement or some part of it. Any objection must be submitted no later than September 30, 2017. For details on how to properly submit an objection, please visit the web site or call the telephone number posted below.

Go to the Hearing

You may attend the hearing to speak in Court about the fairness of the Settlement; the requested Judgment to approve the Settlement; the proposed Plan of Allocation; or Lead Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses.  You cannot object to the Settlement unless you are a member of the Class and do not validly exclude yourself.


The Court’s Settlement Hearing

The Court has set a hearing date for final approval of the Settlement for October 26, 2017 at 8:30am in Division 6 of the Jefferson Circuit Courthouse, wherein the Court will consider whether to approve the Settlement and award attorneys’ fees and costs.


Further Information:

For more details regarding this Settlement, please see the Class Action Settlement Agreement and Releases, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator or Class Counsel for further information regarding this Settlement:

 

 

Settlement Administrator:

 

Bailey v. JAMOS Fund Settlement

c/o A.B. Data, Ltd.

P.O. Box 170500

Milwaukee, WI  53217-8091

866- 217-4459

 

Class Counsel:

 

Ballinger Law, PLLC

3610 Lexington Road

Louisville, KY 40207

502-426-3215

 

The Poppe Law Firm

8700 Westport Road

Suite 201

Louisville, KY 40242

502-895-3400

 

 

 

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