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In a landmark decision, Hamilton v. Ohio Savings Bank, 82. Ohio St. 3d 67, the Ohio Supreme Court recently ordered the Cuyahoga County Common Please Court to allow a broad class action law suit to proceed against Cleveland-based Ohio Saving Bank. The case was originally filed in 1985 by lawyer Steven Weiss, and Mr. Weiss is lead co-counsel with Robert E. Sweeney Co., L.P.A. in the case today. The case alleges that Ohio Savings Bank charged inflated interest on mortgage loans made between 1970 and 1997. The case also alleges the bank continued this practice, despite prodding in 1984 by the Federal Home Loan Bank Board in Washington D.C. to stop the practice. The Supreme Court's ruling has tremendous impact on Class Action practice in the State of Ohio, especially in matters alleging fraud and deceit. Previously defendants had been successful in defeating class certification in fraud cases, agreeing that damage claims of each member were so dependent upon specific inquiry of the state of mind of each claimant that class action was not a proper or superior vehicle for resolution of such cases. In Hamilton, for the first time, the Ohio Supreme Court rejected such reasoning. As a result all Ohio consumers will be better protected in the future. |
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