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US v. Wells Fargo Bank, NA (D.D.C.)


Release Date
Case Name
Summary
4/29/2013 US v. Wells Fargo Bank, NA.

United States v. Wells Fargo Bank, NA.

The Civil Rights Division of the Department of Justice and the settlement administrator (Epiq Class Action & Claims Solutions, Inc.) plan to contact borrowers who are eligible to receive damage payments from the $184.3 million settlement fund in the discrimination/fair lending lawsuit against Wells Fargo, United States v. Wells Fargo Bank, NA (D.D.C.). Letters will be sent starting April 25 to approximately 57,000 victims of race and national origin discrimination nationwide.

Each letter will include a minimum amount of money that the recipient can expect to recover if they chose to participate in the settlement. The amounts specified in the letters range from $50 to $73,000, depending on the type of claim (pricing or steering) and the Civil Rights Division’s estimate of damages and allocation of available settlement funds.

The letter the victim will receive will depend on whether the victim is the only borrower named on their loan or whether there are co-borrowers. These letters are nearly identical, except that the “multiple borrower” letter informs the borrower that each co-borrower will receive an individual check for an equal share of the total settlement payment due on the loan.

The letters also contain information about the settlement and the requirements for participation. Borrowers receiving such letters who wish to participate in the settlement must respond by June 25, 2013.

 

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