Truth in Lending: 11.9.3.4 Statutory Damages in a Series of TILA Class Actions
TILA limits the maximum recovery of statutory damages in any class action “or series of class actions arising out of the same failure to comply by the same creditor.”1289 In other words, where a creditor is sued in two different class actions for the same violation, the total recovery of both actions added together is limited to the lesser of $500,000 (increased to $1 million by the Dodd-Frank Act1290) or one percent of the creditor’s net worth.