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Banks, insurance firms, brokers, and other financial institutions frequently break the law. These laws may apply to loans, sales, or other aspects of business. Consumer fraud and consumer class action lawsuits are civil actions launched by one or more people on behalf of a larger group of people who have had a similar or identical experience.
The goal of a class action is to get a court remedy in order to eliminate the injury or wrongdoing to the individuals concerned. A class action lawsuit tries to pay these people for their losses, and it can encompass hundreds, if not millions, of people who have identical claims. When a court approves a class action, it allows all of these claims to be heard together.