Major Financial Institution, Wells Fargo, to Disburse $185,000,000 to Customers in Extensive Settlement Agreement - Identifying the Eligible Recipients
Article Rewrite:
Title: Wells Fargo Customers May Snag a Piece of a $185M Settlement: Here's How to Check Eligibility
Hey there, finance freak! Today, we're diving into some juicy news: a possible payout for Wells Fargo mortgage customers! If you meet our criteria, you could be among the lucky beneficiaries of a $185 million settlement. Let's break it down!
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It seems that Wells Fargo customers, due to a class-action lawsuit, may be eligible for some extra cash! The claim states that during the Covid-19 pandemic, the bank put mortgage forbearances in place for customers who didn't actually want them. Not only did this supposedly cause unnecessary financial hardship, but it also negatively affected credit scores due to halted payments.
So, who's eligible for this rather awesome payout? If your residential mortgage was serviced by Wells Fargo and you had a mortgage forbearance between March 1, 2020, and December 31, 2021, and you didn't explicitly request a forbearance or provide informed consent, you could be in luck!
Some customers have already reportedly received letters regarding the settlement in their mail. While Wells Fargo didn't admit to any wrongdoing, they have agreed to pay $185 million to affected customers. A Wells Fargo spokesperson stated, "During the early stages of the pandemic, Wells Fargo worked hard to help customers who expressed concern about financial hardship and their ability to make their next mortgage payments... We support this settlement because we believe it is in the best interests of our customers."
For more information, head to the settlement administrator's website once available. Don't miss out on this chance to put a little extra jingle in your pocket!
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Categories: Mortgage, Wells Fargo, Settlement, Class Action, News, Finance.
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Sources:
[3]: Top Class Actions (2022, October 28). "Potential COVID Mortgage Forbearance Settlement: Can You Benefit? What You Need To Know". Retrieved April 25, 2025
- The controversial practice of forced mortgage forbearances by Wells Fargo during the Covid-19 pandemic has led to a class-action lawsuit, with customers who didn't explicitly request forbearances possibly eligible for a piece of the $185 million settlement.
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