Mortgage Class Action|Is Over, Judges Say

(CN) - The decision of a special master in an arbitration case is final and cannot be appealed, the Missouri Court of Appeals ruled.

David McLean and thousands of others filed a class-action against First Horizon Home Loan Corp., alleging violations of the Second Mortgage Loan Act.

After years of litigation, the two sides reached a 33-page settlement. First Horizon had challenged more than half of the 2,600 claims. Under the settlement agreement, the disputed claims were decided by special masters.

First Horizon later filed a motion to interpret and enforce the settlement agreement, which the trial court granted. On appeal, Judge Ellis ruled that the trial court erred in allowing the case to continue beyond the special masters' rulings.

Ellis noted that the agreement "clearly and unambiguously provides that once the special masters have resolved a challenge, 'the validity and amount of the claim shall be adjusted or approved accordingly, without right of further challenge or appeal."

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