Wells Fargo to Pay $16 Million to Settle TCPA Class Action

Pennies

“The Settlement provides excellent value for the class. “Specifically, Wells Fargo will pay a non-reversionary cash sum of approximately $16,319,000, to be distributed (after deductions for cost of notice, claims administration, and Court-awarded attorneys’ fees and costs) on a pro rata basis to the Class Members who file qualified claims.”

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Wells Fargo to pay $16 million to settle TCPA class action

ATLANTA (Legal Newsline) – Wells Fargo Bank has agreed to pay more than $16 million to settle a proposed class action alleging the financial institution called plaintiffs on their cell phones through the use of an automatic telephone dialing system without their permission.

According to the plaintiffs — Steven L. Markos, Tiffany Davis and Gregory Page — Wells Fargo violated the Telephone Consumer Protection Act, or TCPA.

The calls at issue were all non-emergency, debt-collection calls and texts made in connection with mortgage loans, according to the lawsuit, filed in the U.S. District Court for the Northern District of Georgia in April 2015.

“The Settlement was reached only after good faith, contentious, arm’s-length negotiations, with the assistance of an experienced and well-respected private mediator, Hunter R. Hughes,” the plaintiffs’ June 29 memorandum states.

More here…

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