Monday, April 1, 2013

Judge Kiboshes Proposed Settlement In Class Action Alleging Bankster Jerked Around Homeowners In Foreclosure; Wonders Whether Deal Will Keep Many From Recovering Their Losses

In San Francisco, California, Law360 reports:

  • A California federal judge again refused [] to approve a proposed settlement between Wells Fargo Bank NA and a class of 28,000 homeowners who say the bank sent them deceptive foreclosure-delay offers, arguing the deal could keep many plaintiffs from recouping their losses.

    U.S. Magistrate Judge Joseph Spero kicked the preliminary settlement back to the parties' attorneys, demanding details on how many class members are likely to make claims against the settlement fund, which is capped at $500,000 under California law.
For more, see Wells Fargo Must Show Foreclosure Deal Is Fair, Judge Says (requires subscription).

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