Judge Rejects $3.3M Deal To End M&T Mortgage Fee Suit

Law360 (October 28, 2020, 10:00 PM EDT) -- A California federal judge turned down a proposed $3.3 million settlement between M&T Bank Corp. and a proposed class of homeowners Wednesday, finding that a lack of information made it difficult to assess the deal's fairness.

In his order denying preliminary approval, U.S. District Judge Otis D. Wright II said lead plaintiff Lisa Silveira failed to demonstrate how the $3.3 million settlement fund would adequately compensate the proposed class of roughly 112,000 members who incurred convenience fees when making payments on their mortgages at M&T Bank.

"The proposed settlement fund does not appear fair, adequate, and reasonable to compensate the class...

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