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Home / News / “Loan discount” not actually a discount, court rules  (access required)

“Loan discount” not actually a discount, court rules  (access required)

Borrower paid a fee to get a lower interest rate, which Virginia bank didn’t deliver

A proposed class action that Travis Bumpers brought against Community Bank of Northern Virginia in 2001 involving a fake loan discount rate has been given new life by the N.C. Court of Appeals. In a Sept. 6 opinion, the court upheld Wake County Superior Court Judge John B. Lewis’ 2008 summary judgment in Bumpers’ favor on his unfair and deceptive trade practices claim. The court sent the case back to Wake County to consider whether the case is appropriate for class action certification. Another plaintiff, Troy Elliot, dropped out of the Bumpers lawsuit because he is a member of a separate class action suit against Community Bank in federal court in Pennsylvania. Bumpers opted out of that class action.

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