Wells Fargo Agrees to a Settlement

Published On - April 11, 2019

Christine Brunie Articles and Ideas

Wells Fargo agreed to a settlement with several groups of institutional investors in November 2018. The date to be excluded from this settlement is April 15, 2019.

This settlement involves two class action lawsuits relating to Wells Fargo’s role as trustee for residential mortgage-backed securities issued pre-crisis.  According to the Notice of Pendency of Class Action the settlement relates to 271 residential mortgage-backed securities trusts held or acquired after June 18, 2014.

If you want to be excluded from this Settlement you must submit a response in writing no later than April 15, 2019.  By excluding yourself from the Settlement Class you retain the right you may have to sue or continue to sue the Defendant on your own, or to participate in any lawsuit or other proceeding against the Defendant.

Some of the key dates associated with this settlement proposal are:

– Exclude Yourself Date – April 15, 2019

– Objection to the Settlement Date – May 6, 2019

– Fairness Hearing Date – May 6, 2019

– Submit proof of Claim Form – July 2, 2019

If you choose to do nothing you will not be eligible to receive any payment from the Settlement.  You will, however, remain a Settlement Class Member and give up your right to bring, participate in, or received monetary or other recovery in connection with another lawsuit again the Defendant with respect to the Released Claims, and you will be bound by any orders entered by the Court.

If you do not want to participate in this Settlement and do not want to be bound by this Settlement order you have a choice to be excluded from the Settlement Case.  If a Settlement Class Member chooses to opt-out of this Settlement the following actions must be taken.  The person or entity must mail of deliver a written Request for Exclusion from the Settlement Class, addressed to BlackRock Wells Fargo Trustee Litigation, EXCLUSIONS, c/o JND Legal Administration, P.O. Box 91224, Seattle, WA 98111.  The exclusion request must be received no later than April 15, 2019.  You will not be able to exclude yourself from the Settlement Class after that date.

Click here to view Settlement form.

 

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