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Class Action Lawsuit Settlement Case(s): Marika Hamilton v. Wells Fargo Bank, N.A., Case No. 09-cv-04152 CW, U.S. District Court, Northern District of California, Oakland Division.
Website of the Class Action Lawsuit Settlement Administrator (FILE YOUR CLAIM HERE): www.HELOCSettlement.com
Address to submit a claim form (REQUIRED):
Details: The Wells Fargo HELOC settlement will resolve a class action lawsuit, entitled Marika Hamilton v. Wells Fargo Bank, N.A., that alleges Wells Fargo improperly suspended borrowers’ HELOC’s based on false claims that their financial circumstances had deteriorated or that their homes had significantly declined in value.
Wells Fargo denies it violated the law, but has agreed to a class action lawsuit settlement to avoid ongoing litigation.
You are a Class Member of the Wells Fargo HELOC class action lawsuit settlement if you meet the following criteria:
1. You are a member of the Financial Circumstances Class if you were a Person in the United States from January 1, 2008 to June 30, 2011 whose Wells Fargo HELOC account was suspended or reduced by Wells Fargo based on a claim by Wells Fargo that your financial circumstances had experienced an adverse material change to justify the suspension or reduction.
2. You are a member of the Property Value Class if you were a Person in the United States from July 1, 2008 to June 30, 2011 whose Wells Fargo HELOC account was suspended or reduced based on a claim by Wells Fargo that the value of the property securing the HELOC (i.e., your home) had experienced a significant decline in value to justify the suspension or reduction.
3. You are a member of the Former Customer Class if you were a Person in the United States from January 1, 2008 to June 30, 2011 who (i) closed his or her HELOC account following a suspension or reduction of the account by Wells Fargo based upon a claim by Wells Fargo that there was either a material adverse change in your financial circumstances, or a significant decline in the value of the property securing the HELOC, and (ii) incurred a Deferred Origination Fee from Wells Fargo as a result of the closure.
The Wells Fargo HELOC class action settlement provides a number of benefits to Class Members, including, but not limited to, the following:
— Members of the Financial Circumstances Class and Property Value Class will have their HELOCs proactively considered for reinstatement by Wells Fargo for a period of 12 months following final approval of the class action lawsuit settlement. Wells Fargo will conduct 4 rounds of proactive account reinstatements during this period. These Class Members will automatically receive this settlement benefit.
— Members of the Former Customer Class will receive a $150 cash award if they submit a Claim Form verifying (i) that they closed their HELOC account in response to Wells Fargo’s suspension or reduction of their account based on an adverse change in financial circumstances or a significant decline in their property value, and (ii) that they incurred a Deferred Origination Fee from Wells Fargo after closing the account. Claim Forms must be submitted to the Settlement Administrator postmarked by June 25, 2012. Claim Forms can be found online at www.HELOCsettlement.com or by calling 866-459-0120.
More information on your rights in the Wells Fargo HELOC Class Action Lawsuit Settlement, as well as a detailed breakdown of all the settlement benefits, can be found at www.HELOCsettlement.com.
Purchased or Leased From:
January 1, 2008 to June 30, 2011
July 1, 2008 to June 30, 2011
Claims must be postmarked by: 6/25/12
Settlement Administrator(s): Rust Consulting, Inc.
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Categorized in: Closed Settlements