Wells Fargo To Pay $13.8M For Unwanted Loan Modifications

By Reenat Sinay (March 15, 2019, 7:50 PM EDT) -- A proposed $13.8 million deal between Wells Fargo and a class of mortgage holders got the final go-ahead in North Carolina federal court Thursday, putting to rest allegations that the bank imposed a trial loan modification program on borrowers without their consent, leading many to unwittingly default on payments.

U.S. District Judge Robert J. Conrad Jr. also certified the class for the purposes of the settlement, appointed four class representatives and awarded attorneys' fees of $4.56 million to class counsel Kellett & Bartholow PLLC, Sigmon & Henderson PLLC and Limon Law Office.

Under the terms of the agreement, Wells Fargo will...

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