Michael W. Sobol

Sobol said he believes there is strength in numbers.

"We use class-action devices to bring about a substantial amount of justice for the average consumer, who is often powerless on their own unless they join together to bring about needed changes to make the marketplace fairer," he said.

Sobol's practice is focused on protecting consumers from abuses by banks, credit card companies, insurers and the credit reporting industry.

"We are addressing issues of unfairness to consumers and getting industrywide reforms," he said.

Sobol obtained a $45 million settlement - the second largest ever in a Fair Credit Reporting Act lawsuit - and landmark injunctive relief on behalf of 750,000 claimants nationwide. White v. Experian Information Solutions, CV 05-1070-DOC-MLG (C.D. Cal., filed Nov. 2, 2005).

The settlement, approved in September 2011, followed six years of litigation against the nation's three largest repositories of consumer credit information for allegedly violating the FCRA.

Under the injunction, credit reporting agencies will now have to reconcile creditors' information against public bankruptcy records to assure accuracy.

"Consumers are entitled to have an accurate credit history reported," Sobol said. "When it's inaccurate, the credit rating suffers, and it may start a terrible cycle."

Sobol also serves on the plaintiffs' executive committee in multidistrict litigation against 35 banks for allegedly entering debit card transactions in a way that improperly maximizes overdraft fees. In Re: Checking Account Overdraft Litigation, MDL 2036 (S.D. Fla., filed Feb. 26, 2009).

He was one of the attorneys responsible for prosecuting the action against Bank of America and one of the two principal negotiators of a $410 million settlement with the bank.

In November 2011, the agreement was granted final approval.

What's unusual about the outcome in the Bank of America Corp. case and other class actions he has litigated, Sobol said, is that "consumers' rights would have gone unprotected without access to the judicial system that class actions permit for ordinary consumers."

Whether class actions are in favor or out, he added, "Consumer fraud will always exist. As a society, we need a civil justice system that can address mass consumer fraud."

- PAT BRODERICK