OAKLAND, Calif., Jan. 24, 2017 /PRNewswire/ -- All persons who had a mortgage serviced by Wells Fargo and paid a Broker's Price Opinion fee assessed during the period May 6, 2005 through July 1, 2010, may be entitled to cash from a class action settlement. In the lawsuit, the Plaintiffs argued that Wells Fargo violated the law by charging homeowners more than the amount Wells Fargo paid for Broker's Price Opinions ("BPOs"). Wells Fargo denies all the claims in the lawsuit and that it has done anything wrong. Wells Fargo contends that all of its BPO policies and procedures complied with the law. However, rather than continue to litigate the case in court, the parties reached a settlement.
The settlement calls for Wells Fargo to establish a $50 million dollar fund. Payments to class members will be made from this fund. Class members who want to receive benefits from the settlement, do not need to make a claim. A check will be mailed to class members at their last known address in Wells Fargo's records. Class members are those who had a loan serviced by Wells Fargo and between May 6, 2005 and July 1, 2010 were charged $95 to $125 for a BPO and paid for that BPO. Class members who have moved should go to the settlement website (www.BiasvWellsFargo.com) to find out how to update their mailing address. Those who are not sure whether they are a class member can contact the settlement administrator to confirm their membership in the class.
Class members who do not want to be legally bound by the Settlement must exclude themselves by March 9, 2017. If Class members do not timely exclude themselves, they will release any claims they may have against Well Fargo relating to the lawsuit. Class members may object to the Settlement by March 9, 2017. A Detailed Notice available on the website explains how to exclude or object to the Settlement.
The Court will hold a Hearing on April 4, 2017, at 2:00 p.m., to decide whether to approve the Settlement before the Honorable Yvonne Gonzalez Rogers, at the United States District Court, Northern District of California, U.S. District Courthouse, 1301 Clay Street, Courtroom 1— 4th Floor, Oakland, California 94612. At the Hearing, the Court will also consider whether to approve a request for attorneys' fees plus reimbursement of reasonable expenses and service awards to the Class Representatives. Class members may appear at the hearing, but don't have to. For more information, call the toll free number or visit the website. Please note that the date and time are subject to change. See the case website for any changes. www.BiasvWellsFargo.com.
Class members may obtain a copy of the Notice of Settlement, which more completely describes the Settlement and the rights thereunder (including the right to object to the Settlement), and a copy of the Settlement (which among other things contains definitions for the defined terms used in this summary), online at www.BiasvWellsFargo.com or by writing to: Bias v. Wells Fargo Administrator, P.O. Box 2876, Portland, OR 97208-2876. Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
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SOURCE United States District Court, Northern District of California