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FOLO – The Money Store and Dickie...

FOLO – The Money Store and Dickie Scruggs

By: Magnolia Tribune - March 11, 2008

The Money Store and Dickie Scruggs

Eventually, lawyers all over Mississippi had Money Store clients. In the Southern District of federal court, most of these lawsuits hit, as I say, in 2002-3.

But the owner of The Money Store was Wachovia Bank (which had ended up with it via mergers, and whose deep pockets — the Wachovia theory went — could exhaust these puny Mississippi lawyers).

Enter (now-Justice) Mike Randolph, whose primarily defense-oriented firm had been winning lately and had some money lying around. My source believes that Pond and/or others approached Randolph — but in any case, the latter, gathering together Pond’s and most of the other lawyers’ clients around the state, began seriously going after Money Store/Wachovia and hanging tough. Eventually he proposed a settlement, to which they agreed on condition it include an end to any future litigation from unfiled claims. Here’s a story about the demise of the Money Store.

Now since Randolph would hit if not cross an ethical line in representing non-class as well as class-action clients on the same issue, he brought Dickie Scruggs in to file a class action, act as class counsel for the class clients, and put a quick end to any future Money Store litigation; this was the Keys v. Money Store case.

But Dickie conducted no litigation whatsoever, instead settling the Keys plaintiffs’ claims for a much lower amount than Randolph’s settlement achieved for his (non-class) plaintiffs.


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Magnolia Tribune

This article was produced by Magnolia Tribune staff.