$3.3M M&T Bank Mortgage Fee Deal Approved On 2nd Try

Law360 (May 7, 2021, 6:12 PM EDT) -- A federal judge in Los Angeles has approved a $3.3 million settlement to end claims that M&T Bank improperly charged mortgage borrowers convenience fees when they made payments over the phone, after the judge rejected a deal for the same amount last year.

In an order filed Thursday, U.S. District Judge Otis D. Wright granted the motion for settlement approval filed by lead plaintiff Lisa Silveira on behalf of a proposed class of about 111,000 homeowners who were allegedly charged $15 each time they paid their M&T mortgages over the phone.

"The settlement negotiations appear fair and adequate, and the proposed...

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