NJ Court Revives Homeowner’s Suit Over Late Sandy Check

Law360, New York (July 16, 2015, 6:28 PM EDT) -- A New Jersey appeals court revived a homeowner’s claims that PennyMac Corp. took too long to pay for damage caused by Superstorm Sandy, ruling Thursday that the mortgage lender can’t escape liability even though it paid up before it received his complaint.

The court sided with Medhat Abbas, finding that he suffered an ascertainable loss under the state’s Consumer Fraud Act when he was forced to spend $9,000 of his own money on repairs because PennyMac waited nearly seven months to release his funds.

“The evidence shows defendant failed to forward the insurance proceeds to plaintiff in a timely fashion, without...

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