Global Client Solutions and Rocky Mountain Bank & Trust allegedly violated Washington law by designing, maintaining and marketing a debt settlement system that overcharged Washington consumers when those consumers sought debt consolidation from third party debt consolidators that use Global Client Solutions and Rocky Mountain Bank & Trust programs.
This is an ongoing investigation and pending class action lawsuit against Global Client Solutions and Rocky Mountain Bank & Trust for their respective roles in the debt consolidation and management industry.
Global Client Solutions and Rocky Mountain Bank & Trust allegedly maintain and operate a system to manage debt settlement accounts for hundreds of third party businesses that offer consumers debt consolidation and settlement services. Generally, a third party credit counselor or debt consolidation firm will enter into a contract with Global Client Solutions and Rocky Mountain Bank & Trust to handle monies paid into a debt settlement program by a consumer, including the settling, adjusting, prorating and liquidating of consumer funds.
The class action lawsuit alleges that in connection with their business, Global Client Solutions and Rocky Mountain Bank & Trust engage in the following actions:
1. The creation and marketing of programs that attempts to persuade Washington State consumers to establish and fund a debt settlement account in Colorado established and maintained by Global Client Solutions and Rocky Mountain Bank & Trust.
2. Global Client Solutions and Rocky Mountain Bank & Trust automatically pay from these accounts enormous fees to themselves and others in the debt settlement process. These fees are so large that allegedly the first several months of payments made by the consumer is eaten up by fees rather than used to settle the consumers debt.
Global Client Solutions and Rocky Mountain Bank & Trust alleged actions violate Washington State Consumer Protection Laws, which limit the amount a debt consolidator can charge to establish a relationship with a consumer and the amount a debt consolidator can charge for settling consumer debt obligations.
Name (Stock Symbol)
Global Client Solutions
Global Client Solutions provides a software platform for the debt management industry.
Rocky Mountain Bank & Trust
Rocky Mountain Bank and Trust is a wholly owned subsidiary of First Flo, Corporation a privately held corporation. It is a Colorado chartered bank with over $200 million in deposits.
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