Wells Fargo Inspection Fee Settlement

Overview of The Settlement

Young v. Wells Fargo & Co., Case No. 4:08-CV-507 RP-CFB

SETTLEMENT UPDATE: September 21, 2018

On September 21, 2018, second distribution checks were issued to Eligible Recipients as approved by the Court. The distribution checks represent the pro rata share of at least $25.00 of the remaining Net Settlement Fund for Eligible Recipients who negotiated the check sent to them in the Initial Distribution.

Additional information regarding the distribution can be found in the Notice, the Plan of Allocation, and the Court’s Orders dated February 17, 2016, September 6, 2017, and August 24, 2018. The Plan of Allocation can be found on pages 4 and 5 of the Notice.

Please be advised that checks will be valid until mid-December 2018. Uncashed checks will be subject to re-distribution if not cashed before the stale date.

The lawsuit claims that Wells Fargo improperly ordered a property inspection whenever a borrower fell behind on mortgage payments by forty-five days or more, and then ordered subsequent inspections every twenty-five to thirty-five days for as long as the borrower remained delinquent. This proposed Settlement settles certain claims on behalf of all Persons who have or had a mortgage serviced by Wells Fargo and owe or paid a property inspection fee assessed during the period August 1, 2004 through December 31, 2013, inclusive.

What Are My Options?

  • REMAIN A MEMBER OF THE CLASS. Some people will automatically receive a cash award. Others must have submitted a claim with supporting documentation, postmarked by March 16, 2016. These categories are further described in the Notice. If you stay in the Class, you give up the right to sue Wells Fargo separately and will be bound by the Settlement Terms.
  • EXCLUDE YOURSELF FROM THE CLASS. The deadline to exclude yourself from the Settlement was December 22, 2015.
  • OBJECT TO THE SETTLEMENT. The deadline to object to the Settlement was December 22, 2015.

Please consult the Notice for more details on your options.

Settlement Hearing

Following the Settlement Fairness Hearing held on January 21, 2016, the District Court approved the Settlement, however multiple appeals have been filed. To date, the Eighth Circuit has decided some, but not all, of the appeals.