Third Federal Savings And Loan Mortgage Satisfaction Litigation
On March 11, 2014, Judge Charles J. Kubicki Jr. of the Court of Common Pleas, Hamilton County, Ohio, entered an order granting final approval to a class action settlement negotiated by Goldenberg Schneider, LPA, in Kanet v. Third Federal Savings & Loan Association of Cleveland, Case No. A 1302473. The settlement successfully resolved the plaintiff class’ claims stemming from third federal’s repeated failure to timely record thousands of mortgage satisfactions as required by Ohio Revised Code Section 5301.36. Ohio law requires lenders to record a satisfaction of mortgage within 90 days from the date a loan is paid off. Failure to timely record a satisfaction can result in a statutory damages payment to each such homeowner. The $1 million settlement fund provided sufficient funds to compensate each class member approximately $180.