Varsolona v. Breen Capital Services Corp.

These consolidated appeals involve two class action lawsuits stemming from bulk sales of tax liens by the City of Jersey City (Jersey City). In 1993 and again in 1994, Jersey City securitized its large inventory of tax liens, selling them to a trust, which in turn sold bonds in anticipation of revenue from the purchased liens. In these actions, plaintiffs specifically challenge the private installment payment plan agreements (IPPs) that allowed a prop erty owner whose property was subject to a transferred tax sale certificate (TSC), to make payments toward redemption in equal monthly payments…