$13.8M
Loan Modification
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Case Details
Settlement reached with Wells Fargo for 6,000 mortgage holders impacted by a software error that incorrectly denied loan modifications and led to foreclosures.
Additional Notes
The settlement was granted in North Carolina Federal Court. Wells Fargo paid into a settlement fund for 6,000 class members. Attorney fees of $4.56 million and litigation fees of $54,466 were awarded to class counsel. Each class representative received $10,000, and each borrower received a cash payment of $2,300 or $3,800, with a minimum of $100.
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