A lawyer for the state of Colorado argued last week that Colorado’s largest foreclosure law firm conspired with competitors and related businesses to fix prices and maximize profits.
The Denver-based Castle Law Group, along with the husband and wife team who ran it, are facing a civil suit that claims the law firm made millions of dollars in profits at the expense of homeowners, banks and investors who bought foreclosed properties, the Denver Post reports. The three-week trial concluded last Friday.
The Castle Law firm “should not manipulate our market system by conspiring with other law firms to maximize their profits with amounts they believe they can get away with,” argued Assistant Attorney General Erik Neusch. “This isn’t about whether high prices violate the law. It’s about deception and misrepresentation. And they did it at the height of the foreclosure crisis in Colorado.”