Migliaccio & Rathod LLP is currently investigating Sovereign Lending, Inc. for false representations made in promotional materials for their mortgage loan offerings. Sovereign primarily aims their deceptive marketing at active service members and veterans, insofar as the advertisements are for Veteran’s Affairs (VA) guaranteed mortgages. These advertisements frequently misstate the credit terms of their offerings, promoting credit rates that Sovereign does not in fact intend to offer to consumers. Promotional materials often describe introductory interest rates as “fixed,” despite the actual terms allowing for adjustments that increase the rates over time. Sovereign’s promotional materials make further deceptive claims about consumers’ existing loans and falsely imply that obtaining a loan from Sovereign could resolve any alleged problems. Their advertisements also appropriate imagery and phrases from government agencies such as the VA and IRS, falsely implying an affiliation between Sovereign and these government entities.
The Consumer Financial Protection Bureau recently issued a consent order against Sovereign, forcing them to pay $460,000 in civil penalties due to their deceptive marketing practices.
Have you taken out a loan from Sovereign Lending Group, Inc. following exposure to their misleading promotional materials?
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The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving unfair and deceptive trade practices. More information about our current cases and investigations is available on our blog.