Items Tagged with 'Class action'

ARTICLES

  • Court finally approves Wells Fargo’s $142 million fake account class action settlement

    It’s finally final
    A federal court has finally given final approval to Wells Fargo’s $142 million class action settlement for the bank’s customers who had a fake account opened in their name. The final approval comes nearly a year after the settlement received preliminary approval by the judge overseeing the lawsuit, and more than a year after the settlement was first announced.
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  • Wells Fargo agrees to pay $480 million to shareholders to settle fake accounts suit

    Settlement reached in pending class action suit over bank’s sales practices
    The fallout from Wells Fargo’s fake accounts scandal is not finished yet. The bank announced Friday afternoon that it reached a new settlement over its sales practices and will pay $480 million to a group of shareholders who accused the bank of making "certain misstatements and omissions" in the company’s disclosures about its sales practices.
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  • Wells Fargo extends deadline to take part in $142 million fake account settlement

    Deadline was February 3, new deadline is July 7
    It’s been a busy day in the settlement department for Wells Fargo. Early Friday, the bank was fined $1 billion by the CFPB and the OCC for mortgage lending and auto insurance abuses. And late Friday afternoon, the bank notified customers that it is extending the deadline to participate in the bank’s $142 million fake account class action settlement.
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  • Ocwen reaches mortgage servicing settlements with two more states

    Also agrees to give company shares in class action settlement
    Ocwen Financial’s settlement streak is continuing, as the nonbank announced Wednesday that it reached settlements with two more states that will remove each state’s mortgage servicing restrictions on Ocwen’s business. Ocwen also disclosed that it finalized a class action settlement agreement over the nonbank restating its 2013 and 2014 earnings.
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  • Ocwen reaches $17.5 million settlement for allegedly calling consumers without consent

    Accused of violations of Telephone Consumer Protection Act
    Ocwen Loan Servicing, a subsidiary of Ocwen Financial, reached a $17.5 million settlement that covers a pair of lawsuits that accused Ocwen of calling consumers’ cellphones without their consent, in violation of the Telephone Consumer Protection Act. The settlement was first reported by Law360, which stated that the putative class includes more than 1.6 million consumers.
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  • Ocwen to pay $49 million to settle class action lawsuit over restated financials

    Also agrees to provide $7 million in company stock to class members
    Ocwen Financial will pay at least $49 million to settle a class action lawsuit over the nonbank restating its 2013 and 2014 earnings after its auditor found a potential “material weakness” in the way it valued and recorded a financial transaction. The issue previously led to Ocwen paying a $2 million fine to the SEC after an investigation found that the company misstated it financials on several occasions.
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  • Wells Fargo guarantees all fake account customers will be fully compensated

    Settlement could exceed $142 million
    Wells Fargo is facing another potential scandal on its hands, as the bank stands accused of making unauthorized changes to the mortgages of borrowers in bankruptcy. But, the bank is a long way from being able to put its fake account scandal in the rearview mirror. Now, it looks like the bank's proposed $142 million fake account class action settlement may not be enough.
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  • Judge: Wells Fargo $142 million fake account settlement may not be enough

    Asked to guarantee affected customers will be repaid fully
    Wells Fargo's proposed $142 million settlement in the class action lawsuit brought on behalf of the bank's customers who had a fake account opened in their name is moving closer to being finalized, but the judge overseeing the settlement cautioned the bank that $142 million may not be enough money to compensate all the affected customers.
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  • Wells Fargo increases fake account class action settlement to $142 million

    $32 million addition covers accounts fraudulently opened as far back as 2002
    Last month, Wells Fargo announced that it agreed to a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. The settlement covered anyone who had an account opened in their name without their consent stretching back to Jan. 1, 2009. But Wells Fargo announced Friday that it is expanding both the size of the settlement and the time period the settlement covers by an additional seven years.
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