PCGS Lawsuit???

At our local coin club meeting last night, one of the dealers mentioned there is a new lawsuit against PCGS. He said it may be a good time to hold off sending coins in for certification because PCGS, and maybe other TPG’ers, may be tightening up grading standards for awhile, due to the suit. Anyone hear anything?

 

Log in or Sign up to hide this ad.

I don't know why people pass along rumors without providing any of the details.

Chris

 

I haven't heard anything lately. I know there was a lawsuit filed a year or two ago pertaining to the "first strike" designation of coins. Other than that...I haven't heard anything.

 

Sorry, all it is at this point is a rumor. I Goodled it and came up with nothing. The dealer is a PCGS/NGC authorized dealer and submits coins for the club. Why would he advised not to submit now, hurting his business? If nothing turns up here, I'll ask him about it at the next meeting.

 

I would imagine PCGS has lawsuits against them all the time. Doesn't mean they will lose them. Probably always going to be a group of people unhappy with the grade or claims/warranties. We have people suing my firm for nonsense and we have to pay to defend ourselves in court, but most of the suits are either dismissed or we win summary judgement without it even going to trial. Just because there may be a suit against PCGS means almost nothing without knowing the merits of the claims against them...

 

I don't know if there is any truth to the lawsuit comments, but I do know that some people like to talk to make themselves appear more important or "in the know".

 

It appears he was looking for confirmation of the rumour/more information. What is the problem?

 

I read it the way Chris read it; apparently as a statement and not a question of verification.

 

I read the first post the same way...his second post indicated he had been trying to find info but could not.

 

Probably another MS70 ASE that developed a case of the milky white spots in the slab. lol TC

 

So the rumored case involves "tightening up of grading standards," huh? Some would welcome that. While I like being delightfully suprised by the grades I receive from PCGS, I also believe that the company would quickly fall into the ranks of ICG if they started slapping MS66 on every common, bagmarked coin.
Does anyone remember back in the day when ANACS was exposed for giving preferential grades to certain submitters?

 

Perhaps he is upset with turnaround times at PCGS and is spreading this rumor to help get his coins back quicker. A ridiculous notion for sure but just as believable as PCGS changing their grading standards in response to a lawsuit.

 

The CLCT stock message boards have no indication, not even from the 'shorts', who would certainly be broadcasting it. Anyone could sue, doesn't mean it has merit. An actual filing would make the stock pages. By the way their dividend is about 7% and seeking Alpha says it seems stable for 6 more years. Interesting stock.

 

i'm gonna go make some popcorn and watch PCGS crumble and buuuuurn

 

Cam, that lawsuit was filed in 2006 and settled in 2007. Anyone interested can read about it here......

http://coins.about.com/b/2007/08/28/ngc-settles-first-strikes-lawsuit.htm

Chris

 

Link?

 

edited!

 

This is all I have found so far on google.
http://www.cointalk.com/threads/pcgs-lawsuit.244361/

 

I knew it had been settled. I can't believe it was that long ago. Amazing how time flies.