Wells Fargo Won't Settle With Calif. Class In Mortgage Suit

By Dean Seal (January 16, 2020, 6:21 PM EST) -- Wells Fargo told a California federal judge on Thursday that it is not open to negotiating a settlement with only a California class of mortgage borrowers who claim they were wrongfully denied a loan modification.

The bank said in a letter to U.S. District Judge William H. Alsup that a classwide settlement with the California borrowers would not actually advance the litigation that continues to play out against other multistate and national classes alleging that Wells Fargo NA allowed a software glitch to deny them mortgage aid.

"Even if feasible (despite the discussed obstacles), a California classwide settlement would leave open...

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