Dynamic Accident Lawyers: New Jersey Tax Lien Class Action Lawsuit Settlement

tax-lien

A New Jersey class action lawsuit that accused 20 companies and various individuals of conspiring in a price-fixing scheme to raise the interest rates of tax sale certificates has agreed to pay $9.5 million in order to settle allegations.

New Jersey municipalities hold public auctions each year to sell tax sale certificates (TSCs) which are considered liens on the real property. State law requires that the bidding on TSCs begins at 18 percent, and the winning bidder will be the one who offers to purchase the TSC at the lowest interest rate.

Plaintiffs in the NJ tax lien class action lawsuit allege that the named defendants violated antitrust laws by entering into an agreement (or understanding) to divide the available tax sale certificates among the different companies. In addition, the tax lien class action lawsuit claims that the companies/individuals also agreed not to bid against each other when TSCs came up for bid.

According to the plaintiffs, the price-fixing behavior of the companies/individuals made it more expensive for affected property owners to pay in order to redeem the TSC.

The tax lien class action lawsuit defendants include:
William A. Collins
Isadore H. May
Richard J. Pisciotta, Jr.
Norman T. Remick
Robert E. Rothman
Robert W. Stein
Lambros Xethalis
Michael Mastellone
Royal Bancshares of Pennsylvania, Inc.
Royal Bank America
Crusader Servicing Corporation
Royal Tax Lien Services, LLC
M.D. Sass Investors Services, Inc.
M.D. Sass Tax Lien Management, LLC
M.D. Sass Municipal Finance Partners – I, L.P.
M.D. Sass Municipal Finance Partners – II, L.P.
M.D. Sass Municipal Finance Partners – III, LLC
M.D. Sass Municipal Finance Partners – IV, LLC
M.D. Sass Municipal Finance Partners – V, LLC
M.D. Sass Municipal Finance Partners –VI, LLC
Vinaya K. Jessani
Stephen E. Hruby
David Butler
David M. Farber
CCTS, LLC
CCTS Tax Liens I, LLC
CCTS Tax Liens II, LLC
DSBD, LLC
Pro Capital LLC
Pro Capital Fund I, LLC
Burlington Assembly of God, Inc. d/b/a Fountain of Life Center
Mercer S.M.E. Inc.
Susan M. Esposito
David B. Boudwin
BBX Capital Corporation f/k/a BankAtlantic Bancorp, Inc.
Fidelity Tax, LLC
Heartwood 55, LLC
Michael Deluca
Gary I. Branse
David Jelley
Phoenix Funding, Inc.
Benedict Caiola
BBX Capital Corporation f/k/a BankAtlantic Bancorp, Inc.
Fidelity Tax, LLC
Heartwood 55, LLC
Michael Deluca
Gary I. Branse
David Jelley
CCTS Capital LLC n/k/a Crestar Capital, LLC
William S. Green
Richard Simon Trustee
Betty Simon Trustee, LLC
Joseph Wolfson
Pat Caraballese
PAM Investors
Robert U. Del Vecchio Sr.
Robert U. Del Vecchio PensionTrust
Plymouth Park Tax Services, LLC
American Tax Funding, LLC
Mooring Tax Asset Group, LLC

All named defendants have denied any liability of misconduct but have agreed to the terms of the settlement in order to avoid the cost of further litigation.

Who’s Eligible

NJ tax lien settlement Class Members include all individuals who owned property in New Jersey and who had a Tax Sale Certificate issued with respect to their property that was purchased by one of the named Defendants between Jan. 1, 1998 and Feb. 28, 2009 at a public auction in New Jersey at an interest rate above 0%.

Potential Award

Varies

Most of the proposed settlements reached in the New Jersey tax lien class action lawsuit contains a monetary element and an agreement to offer Class Members discounts from the total amount owed on the outstanding TSC that was purchased between Jan. 1, 1998 and Feb. 28, 2009.

A summary for each of the tax lien class action settlements can be found at www.NJTaxLienSettlements.com.

Proof of Purchase

Class Members are required to provide records that prove they are the owner of the property associated with the TSC and must submit a valid Claim Form.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

06/17/2016

Case Name

In Re New Jersey Tax Sales Certificates Antitrust Litigation, Case No. 3:12-CV-01893-MAS-TJB in the U.S. District Court for the District of New Jersey

Final Hearing

04/25/2016

Settlement Website

www.NJTaxLienSettlements.com

Claims Administrator

In re New Jersey Tax Sales Certificates Antitrust Litigation Notice Administrator
P.O. Box 8090
San Rafael, CA 94912-8090
888-287-7975

info@njtaxliensettlements.com

Class Counsel

Jason A. Zweig
HAGENS BERMAN SOBOL SHAPIRO LLP

James A. Pizzirusso
Seth R. Gassman
HAUSFELD LLP

Defense Counsel

Joseph S. Allerhand
Bruce A. Colbath
WEIL, GOTSHAL & MANGES LLP

Andrew T. Solomon
SULLIVAN & WORCESTER LLP

Lawrence S. Lustberg
Joshua C. Gillette
GIBBONS P.C.

Douglas M. Tween
BAKER & MCKENZIE LLP

Steven A. Reed
R. Brendan Fee
MORGAN, LEWIS & BOCKIUS, LLP

J. Manly Parks
DUANE MORRIS LLP

Steven M. Janove
STEVEN M. JANOVE LLC

Justin P. Walder
Shalom D. Stone
WALDER HAYDEN & BROGAN, P.A.

James E. Cecchi
CARELLA, BYRNE, CECCHI, OLSTEIN,
BRODY & AGNELLO

Gary K. Wolinetz
GREENBAUM, ROWE, SMITH & DAVIS LLP

Jay E. Kagan
Da WORTH PAXSON LLP

Michael F. Myers
JACOBS & BARBONE, P.A.

Keith A. Bonchi
GOLDENBERG, MACKLER & SAYEGH,
MINTZ, PFEFFER, BON CHI & GILL P.A.

Jack Wenik
SILLS CUMMIS & GROSS PC

Keith A. Bonchi
GOLDENBERG, MACKLER &
SAYEGH, MINTZ, PFEFFER, BONCHI
& GILL P.A.

Arnold Carl Lakind
SZAFERMAN, LAKIND, BLUMSTEIN &
BLADER, PC

Judson A. Aaron
CONRAD O’BRIEN, PC

D. Jarrett Arp
GIBSON, DUNN & CRUTCHER LLP

Robert H. Nemeroff
FRIEDMAN SCHUMAN, PC

Gary L. Cutler
CARYL. CUTLER, P.C.

Robert D. Wick
Jason C. Raofield
COVINGTON & BURLING LLP

Donald S. Scherzer
Amanda M. Knapp
ROETZEL & ANDRESS, P.C.

Jeffrey M. Eilender
SCHLAM STONE & DOLAN LLP

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