Santander Consumer USA Holdings
We have seen plenty of settlements from the subprime housing market collapse in 2008, but what about subprime auto-lending? Well, you’re in luck. We have one today. Santandar Consumer USA Holdings recently settled a securities class action suit indirectly based on the subprime vehicle market. The total settlement fund is $47 million, and claim forms are due on January 4, 2021.
Santander Consumer USA Holdings, aka SCUSA, is a subprime auto-lender that had its IPO in January of 2014. According to the plaintiff complaint, SCUSA “enticed investors promises of a payout of 30% of its annual earnings in the form of dividends.” This was an unrealistic prediction, and a misleading one, according to the plaintiffs, since SCUSA did not disclose how beholden the company was to it’s parent company, Santander USA Holdings, aka SHUSA. SHUSA held 60% of the shares of SCUSA, and its practices were regulated by the Dodd–Frank Wall Street Reform and Consumer Protection Act, which in turn bound SCUSA's practices to its major shareholder's regulations. SHUSA? Well, their parent company is the Spanish bank Banco Santander. It really is Santanders of various forms all the way down.
Confused? According to the plainitff attorneys, so were SCUSA's leaders. In the documents that SCUSA presented to investors before its IPO, the company made no mention of how SHUSA’s regulation would pertain to SCUSA. In fact, plaintiff’s claim, “SCUSA was not even aware of the Federal Reserve's expectations for compliance.” Emphasis in the original complaint.
By March of 2014, SHUSA, SCUSA’s 60% owner, failed its Dodd-Frank mandated stress. The plaintiff’s complaint states that “As the truth was gradually revealed, SCUSA's stock price dropped substantially, on enormous volumes on the NYSE, from the $24 IPO price to as low as $18.99 during the relevant time period.”
If you traded SCUSA common stock during the relevant period, please let us know. Or, if you are just confused about all these different Santanders and want to talk this out, then give us a call. We’d be happy to sort all this out.
Plaintiffs allege Alibaba's anti-competitive practices and a canceled IPO drove down stock price
CCC is Preparing Claims for Qualcomm Investors, Deadline Only Weeks Away
Plaintiffs allege Uber IPO was a "train wreck" for investors
Under Armour settles securities suit over allegations high inventories led to low profits
Apple, Boeing, and Weatherford Each Agree to Mega-Settlements
Alphabet Settles Securities Suit for $350 Million
Stock Loan Antitrust Settlement: A big opportunity should not be a big hassle
Alexion Pharmaceuticals Settles Securities Class Action over Alleged Illicit Sales Practices
Allegation that You’re in Bad Hands with Allstate Leads to $90 Million Settlement
Claim Forms Are Coming in the Payment Card Interchange Fee. CCC Can Help
Alexion Pharmaceuticals Settles Securities Class Action over Alleged Illicit Sales Practices
Allegation that You’re in Bad Hands with Allstate Leads to $90 Million Settlement
Claim Forms Are Coming in the Payment Card Interchange Fee. CCC Can Help
World Cup Bribery Scandal Leads to $95 Million Grupo Televisa Settlement
Case Profiles: The Kraft Heinz Company Securities Litigation and Fair Fund
Millions in Unsellable Inventory Leads to $109 Million Cardinal Health Securities Settlement
Securities Class Action Settlements in 2022 Hit Highest Levels in 15 Years
Micro Focus Settles Suit Alleging it Botched HPE Purchase for $107.5 Million
Wells Fargo Settles Securities Suit for $300 Million
Generic Drug Price-Fixing Allegations Lead to McKesson's $141 Million Settlement
Tesla Fends Off Securities Suit With Rare Victory in a Rare Trail
Elon Musk's Infamous 4-20 Tweet Leads to Rare Securities Litigation Trial
Barclays Massive Bond Over-Issuance Leads to a Securities Class Action
$809.5 Twitter Settlement Arrives at Last
How to Claim Your Piece of the $5.54 Billion Payment Card Settlement
Anti-competition Probes and Overexpansion Lead to Multiple Class Actions Against Amazon
How CCC Helps Investors Participate in Foreign Financial Litigations
Cryptic Tweet Leads to $40 Million Tesla Fair Fund
Nielsen Holdings, Market Share King, Settles Securities Suit over Its Own Market Troubles
Infrastructure Cost Overruns Leads to $129 Million Granite Construction Securities Settlement
Petrobras Fair Fund Offers $85.32 Million in Relief to Harmed Investors
Barclays and JPMorgan Settle Mexican Bond Antitrust Litigation for $20,700,000
Deadline Is Soon for the $27.5 Million GreenSky Securities Settlement
Symantec, now known as NortonLifeLock, Settles Securities Suit for $70 Million
Corrections Corporation of America Settles Securities Litigation over the Safety of Its Prisons
Twitter Securities Class Action Ends with an $809.5 Million Settlement
Honest Company, Boston Beer Company, Waterdrop, and Longeveron Face Securities Class Action Suits
Door Manufacturer JELD-WEN Settles Securities Suit Related to Price-Fixing Scandal
Allergan Settles Securities Suit Related to Price-Fixing Scandal for $130 Million
Nikola Trucks Scandal Leads to Securities Suit and a Criminal Indictment of Its Founder
Why Every Investor Needs a Class Action Claim Filing Partner
Willis Towers Watson Settles a Pair of Merger-Related Suits for $90 Million
Snap Settles Two Suits in State and Federal Court for $187,500,000
Another MBS Settlement: $275 Million Morgan Stanley Fair Fund
Santander Consumer Holdings USA Securities Class Action Provides $39 Million to Investors
Avon Settles Suit Over Brazilian Market Practices
The LIBOR Bondholder Settlement: Several Big Problems and One Simple Solution
Snap, Parent Company of Snapchat, Settles Suit Over Allegations They Understated Competition
Eight Years in the Making, First Solar Settlement Provides $350 Million to Harmed Investors
Coronavirus Related Securities Class Actions Arrive
GSE Bonds Antitrust Litigation Update
Equifax Data Breach Leads to Securities Litigation Settlement
Wells Fargo Fair Fund to Provide $500 Million to Investors
NERA Year-End Report for 2019: More complaints, bigger backlog of unresolved cases
GSE Bonds Claim Filing Deadline Extended to February 28, 2020
404 South Wells St., Suite 600,
Chicago, IL 60607 – United States
Phone: (312) 204-6970
Email:
info@chicagoclearing.com
Chicago Clearing Corporation is the
industry leader in class-action services.
2024 © Chicago Clearing Corporation. All rights reserved. Terms and conditions