NEW YORK, Oct. 22, 2015 /PRNewswire/ -- The following statement is being issued by Scott+Scott, Attorneys at Law, LLP and Reese LLP regarding the Young v. Wells Fargo & Co., et al. Litigation.
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
Para ver este aviso en Español, se puede visitar www.WellsFargoPropertyInspectionSettlement.com
YOU ARE HEREBY NOTIFIED that a hearing will be held on January 21, 2016 at 10:00 a.m., before the Honorable Robert W. Pratt, at the United States District Court, Southern District of Iowa, Central Division, U.S. District Courthouse, 123 East Walnut Street, Des Moines, Iowa 50309, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action ("Action") for the sum of $25,750,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Final Judgment as provided under the Stipulation and Agreement of Settlement ("Stipulation") should be entered, dismissing the Third Amended Class Action Complaint filed in the Action on the merits and with prejudice; (3) the release by the Class of the Released Claims, as set forth in the Stipulation, should be provided to the Released Defendants; (4) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (5) to grant Plaintiffs' requests for service awards out of the Settlement Fund for the time and effort they expended in prosecuting this action on behalf of the Class; and (6) the Plan of Allocation should be approved by the Court.
IF YOU HAVE OR HAD A MORTGAGE SERVICED BY WELLS FARGO AND OWE OR PAID PROPERTY INSPECTION FEES ASSESSED DURING THE PERIOD AUGUST 1, 2004 THROUGH DECEMBER 31, 2013, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Settlement Fund, you may be required to file a Proof of Claim on or before March 16, 2016. If you are required to file a Proof of Claim and do not do so by March 16, 2016, you will not receive any recovery in connection with the Settlement of this Action. If you are a member of the Class and do not request to be excluded, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Final Judgment, whether or not you submit a Proof of Claim.
You may obtain a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), a Proof of Claim form, and a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice), online at www.WellsFargoPropertyInspectionSettlement.com, or by writing to:
Wells Fargo Inspection Fee Settlement
c/o Garden City Group, LLC
P.O. Box 10106
Dublin, OH 43017-3106
Phone: (855) 382-6434
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Plaintiffs' Lead Counsel:
SCOTT+SCOTT, ATTORNEYS AT LAW, LLP
The Chrysler Building
405 Lexington Avenue, 40th Floor
New York, NY 10174
Michael R. Reese
100 West 93rd Street, 16th Floor
New York, NY 10025
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY DECEMBER 22, 2015, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION.
Dated: September 2, 2015
HONORABLE ROBERT W. PRATT
UNITED STATES DISTRICT COURT JUDGE,
SOUTHERN DISTRICT OF IOWA,
SOURCE Scott+Scott, LLP