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Will I Get Any Money Back from Morgan Drexen?

Question:

Dear Steve,

I was a client of Morgan Drexan for over 5 years, I too paid up front fees prior to any services being rendered. Plus a lot of fees along the way.

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I read in your column that the court gave a verdict and found Morgan Drexan guilty and ordered them to pay damages. My question is that money only going only to the government who was named as plaintiff or will the clients get some of the restitution settlement. I seem to remember not joining any class action suit since the government was already in court on behalf of consumers.

Robert

Answer:

Dear Robert,

When the government takes action and recovers money, it is distributed to consumers it can identify.

At this point the government has won the judgment but it is too early to have any idea how much money will be recovered because Morgan Drexen is currently in a bankruptcy. Which is ironic since they apparently could not settle their own debts.

Based on the way these things seem to unfold, I would not get your hopes up to recover more than a little bit.

Damon Day - Pro Debt Coach
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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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