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Student Loan Giant NAVIENT Cheated Borrowers

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Successes of the Consumer Financial Protection Bureau

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Consumer Financial Protection Bureau: Founded to Help ALL Consumers

NARBERTH, PENNSYLVANIA -- (February 1, 2017) Clarifi, a regional non-profit community service organization dedicated to providing financial literacy, was designated as the recipient of a $75,000 cy pres award. The cy pres award resulted from uncashed, or undistributable, funds from a consumer class action lawsuit brought against Midland Credit Management, a national collection agency.

Flitter Milz, P.C., a nationally recognized consumer protection law firm in Philadelphia, filed the lawsuit in the Philadelphia federal court on behalf of approximately 3,700 consumers. The suit claimed violation of the Fair Debt Collection Practices Act and challenged the collection agency for sending letters that revealed the consumer's personal account information through the window of the mailing envelope. The federal statute prohibits the use of any language or symbol, other than the debt collector's address, on any envelope when communicating with the consumer.

The residual funds are designated to be used by Clarifi in aiding and educating low-income consumers in Philadelphia who are facing debt and credit issues, and for uses including consumer education and financial literacy.