Villanueva v. Wells Fargo Settlement
www.wflienrelease.com

OVERVIEW

IMPORTANT UPDATE

The Court has granted final approval to the Settlement. Settlement Checks (referred to as "Distribution Checks" in the Settlement Agreement) were issued by GCG to Authorized Claimants on April 5, 2017.

YOU MAY BE ENTITLED TO RECEIVE BETWEEN $190 AND $900

Two related lawsuits are pending in the United States District Court for the Southern District of New York styled Villanueva v. Wells Fargo Bank, N.A., No. 13-cv-05429-CS-LMS and Bowman v. Wells Fargo Bank, N.A., et al., No. 14-cv-00648-CS-LMS (the "Actions"). In general, the Actions allege that Wells Fargo Bank, N.A. and, with respect to certain mortgages, U.S. Bank National Association (collectively, "Defendants") sometimes violated New York State law by failing to timely present to the appropriate New York State recording officer proof that mortgagors had fully paid or satisfied their residential mortgages. Defendants have denied all the claims in the Actions.

Plaintiffs, on behalf of themselves and the proposed Class, have negotiated with Defendants a proposed settlement of the Actions (the "Settlement"). Plaintiffs and Defendants have consented to, and the Court has ordered, under 28 U.S.C. §636(c), that Magistrate Judge Lisa M. Smith be the judge assigned to the Actions for purposes of hearing and determining the plaintiffs' motions for preliminary and final approval of the Settlement and, if approved, for all proceedings related to the implementation, enforcement and administration of the Settlement. The Court has, for settlement purposes only, preliminarily certified the Class and appointed plaintiffs as Class Representatives and plaintiffs' counsel as Class Counsel.

If you meet the below definition, you are a member of the proposed class (the "Class").

All persons and/or entities who were the mortgagor party to a residential mortgage on real property located in New York State serviced by Wells Fargo Bank, N.A. for which all authorized principal, interest and all other amounts due or otherwise owed by law was completely paid after August 2, 2010 and before May 15, 2015, and a certificate of discharge or satisfaction of mortgage was not presented within 30 days to the recording officer of the county where the mortgage was recorded. Serviced means that Wells Fargo Bank, N.A. acted as (a) the entity to whom payments under the residential mortgage were required to be made or (b) such entity's personal representative, agent, successor or assign.

YOUR OPTIONS CONCERNING THE PROPOSED SETTLEMENT

  1. Receive A Settlement Payment: The deadline to file a claim has passed. To receive a settlement payment, you must have submitted a fully completed, valid Proof of Claim either on-line or mailed to the Settlement Administrator postmarked no later than March 2, 2016. If your Proof of Claim is untimely, incomplete, or invalid, you will not be entitled to receive a settlement payment but will be bound by any judgment that may be entered in the Actions and subject to the Settlement (including the release of Defendants contained therein), if approved by the Court, unless you have excluded yourself from the Class as described below. By remaining in the Class, you are consenting to the jurisdiction of U.S. Magistrate Judge Lisa M. Smith under 28 U.S.C.  636(c).
  2. Exclude Yourself From The Class: The deadline to exclude yourself from the Class has passed. To exclude yourself from the Class you must have mailed a written request for exclusion to the Settlement Administrator at the address shown here that was postmarked no later than March 17, 2016. Complete details concerning the content of the written request for exclusion are set forth here. If you timely and properly requested to be excluded from the Class, you will not be entitled to receive any settlement payment but shall not be bound by any judgment that may be entered in the Actions nor subject to the terms of the Settlement, if approved by the Court.
  3. Object To The Settlement: The deadline to object to the Settlement has passed. Class Members could object to the Settlement, to Class Counsel's request for Class Counsel Fees or to the Class Representatives' request for a Service Award if they had not excluded themselves by filing and serving a written objection no later than April 7, 2016. Complete details concerning the manner and method for making any such objection and for appearing at the Settlement Hearing are set forth here. If you failed to timely and properly raise your objection, you shall be deemed to have waived any such objection and shall be bound by any judgment that may be entered in the Actions and by the terms of the Settlement, if approved by the Court.
  4. Do Nothing: If you do nothing, you will remain a member of the Class (if you fall within the Class definition), but will not be entitled to receive any settlement payment. You will also be bound by any judgment that may be entered in the Actions and subject to the terms of the Settlement, if approved by the Court. By remaining in the Class, you are consenting to the jurisdiction of U.S. Magistrate Judge Lisa Margaret Smith under 28 U.S.C. § 636(c).