MERS Overcharge Suit Seeks Class Status

Law360, New York (January 12, 2012, 5:06 PM EST) -- Plaintiffs suing Merscorp Inc., which runs an electronic mortgage registry system, moved for class certification Thursday in a suit alleging Merscorp overcharged mortgage borrowers during foreclosure and loan modification proceedings.

The complaint seeks to represent hundreds of thousands of mortgage borrowers across the U.S. who were subject to enforcement actions on mortgage notes held in Merscorp.'s Mortgage Electronic Registry System, according to the motion, filed in Delaware federal court.

The plaintiffs allege that since 2001, MERS breached contracts with borrowers and unjustly enriched itself when it passed on excessive legal fees to...
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