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Guardian Savings Bank Settlement Gains Preliminary Approval

On Behalf of | Mar 22, 2021 | Firm News

On March 17, 2021, Hamilton County Court of Common Pleas Judge Jody M. Luebbers granted preliminary approval of a class action settlement with Guardian Savings Bank based on their untimely filing of mortgage releases in violation of Ohio Revised Code 5301.36.

Markovits, Stock & DeMarco, LLC and its co-counsel, on behalf of Plaintiff Jerry Garrett and the putative class, forged a settlement providing class members $300 for each valid claim for the $250 statutory damage amount available under R.C. 5301.36. In other words, class members submitting valid claims likely will receive $50 more than their statutory damage amount even after court costs and attorneys’ fees are paid in full.

The class action case, captioned Jerry Garrett v. Guardian Savings Bank, Case No. 1904332, was filed on September 16, 2019 relating to the release of mortgage on plaintiffs’ former property more than 90 days after the mortgage was satisfied (i.e. paid off). Mr. Garrett brought the case on behalf of himself and all other Ohio Guardian Savings Bank mortgagors for whom Guardian Savings Bank failed to timely file mortgage releases or the current property owner of such property from September 16, 2013 to September 16, 2019. Under Ohio Revised Code 5301.36, the failure of the mortgagee (lender) to file a mortgage release within 90 days of a mortgage being satisfied may entitle the mortgagor (borrower) and/or current property owner to $250.

Please view a copy of the order here.

Have you recently refinanced your mortgage or sold a property where you had a mortgage? If so, please contact Markovits, Stock & DeMarco at 513-651-3700 or complete the form below to determine if you have a claim under R.C. 5301.36 relating to the timing of the release of your mortgage.