Warranty Gold Class Action Lawsuit...
Would anyone be interested in starting a class action lawsuit against
warranty gold for not backing their contract? There is a group that
sent me an email that is looking to start one based out of texas.
Lawyers will not be a problem from what I understand, and there seems
to be a lot of support for it.
If you are willing to support it, drop me an email. This may turn out
to be to our benefit..
Alex - AKA - Mighty ZR2
2000 Chevy ZR2 4x4
Did you read my post? It's not THEIR fault they don't have access to
the account to pay claims. Yeah, you're upset. This is a
circumstance beyond their control. The way I understand it is that
they are an agent for the insurance underwriters. When you buy your
policy from Warranty Gold they give the money to the company that is
their current insurance company, or underwriter. They then put it
into an account to pay out of if you make a claim. Those accounts are
locked because the underwriter is in bankruptcy. Maybe the lawsuit
should be against NWIG, the company that filed for bankruptcy.
Warranty Gold is doing as much as they can, as I understand it, to
rectify the problems. However, they can't pay claims on your policy,
that is with NWIG, out of the accounts with their new insurer or one
or both of those companies (WG and the new insurer) will surely go
bankrupt. This is because, as I said before, your money is with NWIG,
not the new insurer, so they only have money available to pay claims
on policies bought after July 9, 2003.
Best thing you can do is to have the shop submit the calim, get it
denied, then pay out of pocket. Then, once things are straightened
out, you can get the claim re-processed and the check mailed to you.
As the assets of the company get distributed after the court
proceedings, as they surely will, Warranty Gold will SURELY get all or
part of the money back that was in those accounts, it'll just take
On 4 Sep 2003 04:41:15 -0700, firstname.lastname@example.org (MightyZR2) wrote:
I plan to wait it out for a while. Once the lawsuits start, the
lawyers start taking part of the money. There will be less to pay out.
Being an optimist, I hope for the best.
I also disagree with many of your points. My comments are below.
On Thu, 04 Sep 2003 14:32:32 GMT, Mike Levy
I disagree. It very well may be their fault. I contracted with WG. WG
contracted the administrator. I have every reason to expect WG to due
their due diligence in choosing an administrator. I also have reason
to expect them to perform regular checks on the financial state of
their chosen administrator. If it becomes apparent that our claims
will not be paid, it may be a good idea to consult with a lawyer. It
is very possible that this issue (is WG responsible) would have to be
resolved in a court of law.
As you note, I am sure that WG is trying to resolve the issue. If
this comes down to legal action, the question will be what did WG do
to prevent this from happening?
I expect that if it comes down to lawsuits, that both NWIG and WG will
This is what I have done. I am now owed a little over $1000 at this
point in time. I am very worried if only part of the money is
recovered. It is supposed to be in a trust account. Why wouldn't it be
recoverable? If it went to other purposes, then fraud may be involved.
This would be another reason to consult a lawyer when the facts
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