Wells Fargo Settles Calif. Mortgage Action For $500K

Law360, New York (January 28, 2013, 4:55 PM EST) -- Settling a putative class action, Wells Fargo Bank NA has agreed to deliver $500,000 to delinquent mortgage holders that it allegedly tricked into making payments on properties that were headed into foreclosure, according to a Monday filing in California federal court.

Wells Fargo has agreed to put the money into a fund to be disbursed to class members that paid the bank under a special forbearance agreement but did not receive a loan modification. California homeowner plaintiffs Gustavo Reyes and Maria Teresa Guerrero now seek approval...
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