So basically whoever files the class action suit first controls the case? For practical purposes, are we locked into this attorney if we want to participate in the class but not as named plaintiffs?
Not necessarily. That used to usually be the case, but it changed some years ago. Now I believe that the plaintiffs with the largest financial stake can control the case if they so desire. So it is possible that other, larger lenders could file a different class action with other attorneys which would probably have priority. As a practical matter, though, who knows if that will happen. If this winds up being the only class action, then yes, lenders' choices will pretty much be limited to going along with this case, or opting out. Anyone who opts out can sue on their own, but that isn't likely for any but very large lenders.
They have lots of ongoing cases, but very few settled cases. And ongoing could just mean they filed some papers as soon as they saw a press release from the SEC.
Yes, that appears likely.
