Judge Accepts $ 12 Million Deal Due To Wells Fargo Mortgage Errors

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Law 360 (Aug 18, 2021, 2:02 pm ET) – A federal judge in Ohio granted preliminary approval for a $ 12 million class action to end claims that Wells Fargo’s automated mortgage modification tools failed approve borrowers due to technical failures. , which in some cases results in foreclosure.

The deal, which was negotiated within two days of mediation, is adequate given the costs, risks and delays of litigation and appeal, US District Judge Timothy S. Black in Cincinnati said Tuesday.

Of the $ 12 million settlement, Wells Fargo agreed to pay more than $ 2.7 million in attorney fees, court fees, service fees and administrative costs. …

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