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Wells Fargo Lending Discrimination Class Action Settlement
By Matt O’Donnell
The Wells Fargo lending discrimination class action lawsuit we told you about last November has finally reached a settlement. If you obtained a home loan from Wells Fargo (WFC) between 2002 and 2005, you may be eligible to receive $4,000 from the class action settlement.
According to the Wells Fargo lending discrimination settlement, entitled Opal Jones, et. Al v. Wells Fargo Bank, N.A., Wells Fargo knowingly discriminated against borrowers in minority areas, resulting in thousands of borrowers in the Los Angeles area paying more for their loans than borrowers in other parts of Los Angeles County.
You’re considered a class member of the Wells Fargo lending discrimination class action settlement if you obtained a first trust deed-secured home loan from Wells Fargo Bank or Wells Fargo Home Mortgage for more than $150,000 between May 1, 2002 and December 31, 2005. Loans must not have been a home equity loan and you must have applied for your loan at Wells Fargo branches located within specific areas of Los Angeles County, which are detailed in the Class Action Notice and on the Settlement Administrator’s website at www.WellsFargoLoanEconomicsClassAction.com.
As part of the Wells Fargo class action settlement, you can receive $4,000 per eligible home loan you received if you remain in the class. If you wish to exclude yourself, you have until May 15, 2010 to do so.
For more information on your rights in the Wells Fargo Lending Discrimination Class Action Lawsuit Settlement, go to www.WellsFargoLoanEconomicsClassAction.com.
Updated July 18th, 2012
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