Think the “stimulus package” checks are sweet? One board member just got a check for $750 from a class action lawsuit filed against First Premiere Bank, a sub-prime credit card company.

Link to Discussion.

Usually checks from class action lawsuits net you around $30 - sometimes not worth the paperwork you have to fill out to file your claim in the award. But $750 is pretty sweet.

This is the way First Premier worked its program:

In reality, most consumers received a $250 to $300 credit line at a 9.9% interest rate that could more than double without notice. Even before consumers had a chance to activate or use their credit card, First Premier billed $178 upfront fees for processing the credit card application. As a result, consumers’ found themselves with $70 - $120 in available credit, perilously close to the credit limit, and strapped with bills most believed they were obligated to pay. Additionally, most consumers reported their balance ballooned within a few months, sometimes from $20 to $400 as a result of hidden fees.

It’s too late unfortunately if you haven’t filed a claim for your money - you needed to do it within 90 days of 8-15-07.

Link to Court Ruling.

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