Wells Fargo Mortgage Payoff Statement Class Action Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

The plaintiff in this lawsuit alleges that Wells Fargo violated the Truth in Lending Act by issuing payoff statements that did not credit or disclose property insurance claim funds held by Wells Fargo and which were potentially available to be applied to her account balance. 

Docket Number:

3:15-cv-02904-WHA

Company: Wells Fargo

Class Period: January 18, 2017

Objection Deadline: February 9, 2017

Exclusion Deadline: February 9, 2017

Final Approval Hearing: March 9, 2017

Proof of Purchase: Eligibility:

There are two classes of settlements in this class action settlement.  The "Damages Class" includes all borrowers with mortgages serviced and owned by Wells Fargo who, between June 23, 2014, and June 23, 2015, have received payoff statements which failed to disclose property insurance claim funds.  The "Declaratory Relief Class" includes all borrowers with mortgages serviced and owned by Wells Fargo wherein Wells Fargo was holding insurance proceeds on June 22, 2016.

No claim form needs to be filled out.  Eligible individuals who do not opt out of the settlement will automatically receive payment.

Typical Settlement Amount:

Members of the Damages Class will receive a pro rata share of the total settlement amount based on how many people file valid claims. These shares are expected to be $2,500. Members of both classes will benefit from Wells Fargo changing its practices.

Total Settlement Amount: $880,000

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Berman Devalerio
Wolf Popper LLP

Case Name: McLaughlin v. Wells Fargo Bank NA

Settlement Website: McLaughlin v. Wells Fargo Bank NA

Claims Administrator:
Garden City Group

Claims Administrator Contact Information:

MCLAUGHLIN v. WELLS FARGO CLASS ACTION
c/o Garden City Group
P.O. Box 10315
Dublin, OH 43017-3915

1-877-351-3539
 

Tags: False Representation of Debt Amount, Unlawful Debt Collection