DeNIttis Osefchen filed a lawsuit captioned Jeffrey Espinosa and Carole DeSimone v. MAMCO Property Management and Associations, Inc., Docket No. L-180-11, in the Superior Court of New Jersey, Camden County, on behalf of all persons who between January 7, 2005 and July 31, 2012 were charged a “Processing Fee” and/or a “Transfer Fee” by Defendants when they bought, sold, or refinanced a real property in New Jersey and who paid such a fee(s) (hereafter the “Class”). The Plaintiffs claimed that the Processing Fees and Transfer Fees charged by Defendants were improper and charged in violation of the Real Estate Settlement Procedures Act (RESPA) and the New Jersey Consumer Fraud Act (NJ CFA). Defendants MAMCO Property Management and Associations Inc. denied all of the claims and allegations asserted by Plaintiffs and maintained that consumers have not been injured and are not entitled to any monetary damages or other forms of relief. The parties have agreed to settle the lawsuit without any admission of liability or wrongdoing by any party.
Under the terms of the settlement MAMCO has agreed to pay a Common Fund of $200,000 that will be used, among other things, to pay $300 to Class Members who were charged Processing and Transfer Fees. Under the proposed settlement, Class Members will receive a check in the amount of $300, or a pro rata amount thereof dependent upon the number of timely claims submitted, via first class mail within forty five (45) days of the Effective Date of the Settlement, if approved by the Court. In addition, MAMCO has agreed to send all residents in the communities it manages a notice within sixty (60) days of the Effective Date of the Settlement informing them the amount of Transfer Fees and Processing Fees to be charged in future residential transactions and the basis for the said charges.
If you believe you are a member of the Class and wish to participate in the settlement, you will need to complete and sign the attached claim form and mail, fax, or email where directed at the bottom of the form. Completed claim forms must be submitted by NOVEMBER 27, 2012. For more information about the settlement including the ability to opt out or object to the settlement see the Class Notice and Claim Form below.