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Nearly 290,000 class members will each receive approximately $120 within 60 days
DALLAS – April 17, 2017 – The national law firm of Baron & Budd announced today it has received final approval of a $50 million non-reversionary common fund settlement with Wells Fargo Bank, N.A., which resolves a case alleging improper mark ups of fees for broker price opinions (BPOs). On Tuesday, April 11, U.S. District Judge Yvonne Gonzalez Rogers granted final approval of the settlement at a hearing in the Northern District of California, noting that the settlement was “excellent.”
Within the next 60 days, each of the nearly 290,000 members of the class will automatically receive a check with their portion of the settlement, which on average will total about $120 – more than double the fee markup each plaintiff paid. Class members will not be required to complete paperwork or provide “proof” of their claim to receive payment. (Bias et al. v. Wells Fargo : Case No.: 12-cv-00664 YGR, U.S. District Court, Northern District of California).
BPOs are ordered by loan servicers when mortgage loans are severely delinquent and the property is nearing foreclosure. The plaintiffs in the case alleged Wells Fargo fraudulently concealed charges for unlawfully marked up BPOs, charging borrowers who were already struggling financially more than double the actual cost of the BPOs.
“For nearly five years, our partners Dan Alberstone and Roland Tellis and their team, worked tirelessly to secure this considerable settlement,” said Russell Budd, president and managing shareholder of Baron & Budd. “The settlement they secured sends a powerful message that class action cases can provide meaningful, tangible recovery to hundreds of thousands of class members. I’m very pleased to know that our plaintiffs will receive compensation soon.”
The law firm of Baron & Budd, P.C., with offices in Dallas, Baton Rouge, New Orleans, Austin and Los Angeles, is a nationally recognized law firm with a nearly 40-year history of “Protecting What’s Right” for people, communities and businesses harmed by negligence. Baron & Budd’s size and resources enable the firm to take on large and complex cases. The firm represents individuals and government and business entities in areas as diverse as dangerous pharmaceuticals and medical devices, environmental contamination, the Gulf oil spill, financial fraud, overtime violations, deceptive advertising, automotive defects, trucking accidents, nursing home abuse, and asbestos-related illnesses such as mesothelioma.