If you live in the United States and you had a residential mortgage loan serviced by Wells Fargo Bank, N.A., or by one of its subsidiary divisions (“Wells Fargo”), between May 6, 2005 and July 1, 2010, and you paid Wells Fargo for one or more Broker’s Price Opinions (BPOs), your rights could be affected by a class action lawsuit that is pending against Wells Fargo in the United States District Court for the Northern District of California.
The Court certified this case as a class action and ordered that this notice be provided to Class Members. Wells Fargo has not been ordered to pay any money, and there has not been a settlement of this case. Accordingly, Class Members are not eligible to receive any money now, and there is no guarantee that they will be in the future.
The people bringing the lawsuit (the “Plaintiffs”) claim that Wells Fargo violated federal law by charging homeowners more than the amount Wells Fargo paid for Broker’s Price Opinions (“BPOs”) and improperly concealing these “marked-up” charges. Wells Fargo contends that all of its BPO policies and procedures complied with the law. Wells Fargo denies all the claims in the lawsuit and that it has done anything wrong. The amount of the BPO charges generally ranged from $95 to $125 each. A “BPO” is an informal valuation of your property, like an appraisal, but it is typically performed by a real estate broker. In order to receive any benefit, the lawyers for the Class will have to prove their claims in court.
Who’s Eligible
Class Members include U.S. residents who had a residential mortgage serviced by Wells Fargo and who paid for one or more Broker’s Price Opinions in an amount that was greater than the amount Wells Fargo paid a third-party vendor or real estate broker for the BPO between May 6, 2005 and July 1, 2010.
Eligible Class Members should have received notice of the Wells Fargo settlement by mail. If you did not receive notice but you believe you are a Class Member, contact the settlement administrator.
Potential Award
Each Class Member who does not opt out will receive a pro rata share of the settlement fund. The estimated payment each Class Member will receive is $113.96.
Proof of Purchase
N/A
Claim Form Deadline
N/A. Class Members who do not opt out of the Wells Fargo settlement will automatically receive payment. If you need to update your address, you may do so on the settlement website.
Case Name
Bias v. Wells Fargo & Company, et al., Case No. 4:12-cv-00664-YGR, in the U.S. District Court for the Northern District of California
Final Hearing
4/4/2017
Settlement Website
Claims Administrator
Bias v. Wells Fargo Administrator
c/o Epiq Systems Inc.
P.O. Box 2876
Portland, OR 97208-2876
1-866-422-0150
Class Counsel
BARON & BUDD PC
COSSICH SUMICH PARSIOLA & TAYLOR LLC
KINGSMILL RIESS LLC
Defense Counsel
Mark D. Lonergan
Rebecca S. Saelao
SEVERSON & WERSON
