Wednesday, January 23, 2008

ATTORNEYS OR THIEVES?????

I was just notified, that as a settlement of a class action law suit, I am entitled to part of it. Visions of yachts, massive estates, and Ferrari's danced through my head. I finally hit the jackpot.

I will not keep you in suspense, and will divulge my massive refund, that will propel me into a higher income tax bracket. I'm just glad that I will get it in one lump sum, instead of structured payments. I just hope I live long enough to spend the grand total of 25 dollars.

Yes, 25 dollars, is my share of a 336 million dollar settlement against the major credit card companies in a currency conversion fee lawsuit, incurred while traveling overseas.

No big deal you may say. But the following numbers I will present, is what is wrong with this country and needs to be fixed.

Those ever popular attorneys, will make out like bandits. Visa and Master Card have agreed to pay them almost 36 million in fees and expenses. Quite a hefty sum, and most people would be quite satisfied with this total. But lets not forget we are dealing with lawyers.

From this settlement a total of 23 million will be taken for expenses for administrating this fund, and of course, we have to add interest to the fees they will be receiving for litigating this law suit.

Yes boys and girls, there is more. They are requesting 27.5% of the remaining 313 million in the fund for investigating, litigating and resolving the case. Not to look greedy, they are asking for reimbursement of expenses, NOT to exceed 5 million.

I will not be to fast in spending my windfall. Knowing lawyers, they will find a way, to get a part of it also.

No comments: