If you’re a medallion owner who financed through LOMTO Credit Union, or if you were a member of LOMTO Credit Union in the last four years, you could be owed compensation for the financial institution’s predatory lending practices and the losses you have suffered as a result.
Between 2016 and 2017, LOMTO Credit Union lost a total of more than $69 million dollars in loan losses after the value of the taxi medallion plummeted, a loss which amounts to nearly forty percent of its $185.5 million in assets. News outlets have heavily criticized LOMTO and other financial institutions for shady practices, which include urging medallion owners to refinance, and artificially inflating the value of taxi medallions, creating a giant bubble that has now burst. At one point in 2011, these taxi medallions were worth $1.3 million, but are now selling for a mere $160,000. This drop in value has been financially ruinous for many taxi cab drivers and affected credit union members. Some cab drivers have even committed suicide after seeing their savings and retirement disappear. Over 950 medallion owners declared bankruptcy, according to the New York Times. As for LOMTO, it was no longer able to pay its debts and was liquidated by the National Credit Union Share and assumed by Teachers Federal Credit Union.
At McCune Wright Arevalo, our attorneys are looking into legal action that affected credit union members can take to demand justice and be financially compensated. Our law firm has forced over 50 banks and credit unions to pay hundreds of millions of dollars back to customers that they have wronged, successfully filing lawsuits in more than twenty states across the U.S. In one case alone, we won a $203 million verdict against Wells Fargo. If you have been affected financially by LOMTO Credit Union's predatory practices, then McCune Wright Arevalo, LLP is the law firm to call.
We want to speak to individuals who meet the following criteria:
- You were provided a predatory unfair loan on a medallion from LOMTO; OR
- You were a member of LOMTO Credit Union
- Your membership was active after 2015
- You did not work for LOMTO Credit Union
- You were not a director of LOMTO Credit Union
We are currently hearing from people just like you about their time as a member at LOMTO Credit Union. Our team of attorneys is looking for the potential to form a class of plaintiffs who placed their trust in this credit union.
Schedule your free consultation today by calling (909) 345-8110. Find out if you have grounds to file a lawsuit and what you could be owed in compensation.