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NGC Settles First Strikes Lawsuit
Posted by Lipcon Law Firm
In late 2006, Florida area coin collector Thomas Francisco hired attorneys Tucker Ronzetti and Chuck Lipcon to file a class action lawsuit relating to the misleading grading service designation First Strikes. In what turns out to have been separate actions, both PCGS and NGC were sued under consumer protection statutes for engaging in this misleading practice. (For the uninitiated, the designation First Strikes has nothing to do with when the coin was struck. The practice of designating coins as First Strikes is an embarrassment to many honest coin dealers, who refuse to handle them.)
The terms of the settlement between NGC and the class represented by Francisco are as follows:
NGC will pay $650,000 into a Settlement Fund, from which Francisco’s attorneys will receive fees of 30% ($195,000) and Francisco will receive $7,500. The remaining $447,500 will be donated to the American Numismatic Association (ANA), pending court approval.
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Boyd Malone | Sep 5, 2007 | Reply
Now someone needs to go after NGC and the Home Shopping Network for grading all of those MS70 and Proof 70 Silver Eagles before they are even released ( pre-selling ruining the integrity of their grading altogether)
Michael Kay | Sep 9, 2011 | Reply
I am upset with this settlement, I had purchased a whole set of “First Strike ” coins thinking as all of us did that they would be a sharper image and perfect. Now after the years I have had them in my collection I just found out it was a scam. I was never notified about any of this ,and only learned about it today 9/9/2011. And I bought them from HSN because they were selling them with all kinds of claims. I think HSN should have notified me instead they just hide their fraud that they used ion selling these coins.
Once again , I see that the Lawyers are the biggest winner in this. And the ANA receives all the rest. What gives them the right to take the settlement money as they did not loose anything like collectors like myself paid a higher price for what I thought was a better quality coin.
THIS SUCKS AND IS WRONG.
MIKE