Wells Fargo Inspection Fee Settlement

Overview of The Settlement

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

SETTLEMENT UPDATE: January 29, 2018

On January 29, 2018, checks were issued to eligible Class Members as approved by the Court. The distribution checks represent the pro-rata share of the Net Settlement Fund for eligible Class Members, based on their property inspection fees assessed and paid, in accordance with the modified Plan of Allocation as approved by the Court. Checks issued to Active and Paid-in-Full Class Members were calculated based on the recognized loss information provided from Wells Fargo’s records. Checks issued to post-sale Class Members who submitted eligible claims were pro-rated amounts based on the property inspection fees paid and supported by the required documentation.

Additional information regarding the distribution can be found in the Notice, the Plan of Allocation, and the Court’s Order modifying the Plan of Allocation. 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-April 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.