Class Action: The Estates, Others Conspired to Manipulate Foreclosure Sales in NC – CLASSACTION.ORG
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Class Action: The Estates, Others Conspired to Manipulate Foreclosure Sales in NC – CLASSACTION.ORG

Class Action: The Estates, Others Conspired to Manipulate Foreclosure Sales in NC – CLASSACTION.ORG

Erin Gilmore< erin@classaction.org A proposed class action lawsuit alleges that The Estates LLC and several co-conspirators have engaged in a “bid-rigging” scheme to manipulate foreclosure sales in North Carolina. Alleging violations of the Sherman Antitrust Act, the 27-page complaint claims defendants The Estates LLC; The Estates (UT), LLC; The Estates Real Estate Group, LLC; Timbra of North Carolina, LLC; Versa Properties, LLC; Red Tree Holdings, LLC; Maldives, LLC; and two individuals have agreed to take part in a “system” designed to coordinate bidding in foreclosure sales and thereby increase profit generated by such transactions. The lawsuit explains that The Estates operates a database of properties that face foreclosure in North Carolina and allows only one member of its organization to bid on each property. Investors, the case continues, can become members of The Estates and thereby gain access to the database by paying a monthly fee, as well as agreeing to pay a “finders fee” and a share of the profits for each sale brokered by the organization. Read more…

Jim White
jwhite@jcwhitelaw.com

Jim White helps people and companies facing serious financial injury by bringing and defending lawsuits and representing debtors in bankruptcy. He has successfully taken on banks, large financial institutions and other corporations in “David v. Goliath” cases. You can reach him at 919-246-4676.