Thomas v. US Bank NA ND, No. 14-2265 (8th Cir. 2015)
Annotate this CaseAn estimated 1,600 Missouri homeowners obtained second mortgage loans from FirstPlus, a now-defunct California company. After issuing the loans, FirstPlus sold and assigned the loans and second mortgages to the defendants. In a putative class action, the borrowers alleged that FirstPlus and the defendants violated the Missouri Second Mortgage Loan Act (MSMLA) by collecting impermissible fees which were rolled into and financed as part of the borrowers’ principal loan amount. The district court dismissed, concluding the claims were barred by a three-year statute of limitations and the action is not saved under class action tolling principles. The Eighth Circuit affirmed. In 2000, a different set of named borrowers had started a Missouri state court action based on the same MSMLA claims against FirstPlus. The state court granted summary judgment to the defendants in that action, concluding that there was no cause of action under MSMLA. The court rejected borrowers’ argument that they were members of that putative class and that their claims in this action should be tolled from the filing of that action in 2000 until its dismissal in 2004.
Court Description: Shepherd, Author, with Murphy, Circuit Judge, and Brooks, District Judge] Civil case - Missouri Second Mortgage Loan Act. The plaintiffs' claims were time-barred by the applicable three-year statute of limitations; see Rashaw v. United Consumers Credit Union, 685 F.3d 739 (8th Cir. 2012).
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