Wells Fargo Agrees to a Settlement

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.

 

Oakleaf at a Glance

The Oakleaf Group is a Washington DC-based, management consulting firm focused exclusively on the financial services, banking, and mortgage industry. Our team consists of industry subject matter experts, risk management professionals, and technologists who work together to help solve our clients’ toughest problems. Oakleaf strives to enhance the financial and regulatory industry with data-driven, model-informed, analytics-enabled, and operationally rigorous services and solutions.

See Who We Are  |  Meet Our Leadership Team

Join The Oakleaf Team

Oakleaf is the trusted advisor and services provider to many of the some of of the most notable mortgage businesses, federal agencies, and financial institutions in the world. We look for exceptional people from a variety of fields and professions to help solve our clients most challenging issues.

Join Oakleaf and put your talents and skills to work with our leading financial, banking, and mortgage client organizations.

See The Work We Do

As a mortgage and financial services consulting firm, we assist companies throughout the mortgage and financial services industry, including banks and non-bank mortgage firms, GSEs, regulators, government agencies, law firms, insurance companies, asset managers, hedge funds, and other financial clients. We work closely with management to identify and prioritize challenges, and we apply deep industry expertise that drives performance, resulting in performance transformation across the organization.

See how we support our clients and their teams in tackling their most complex matters. Or contact us if you want to discuss anything further.