Judge: Consolidation Needed To Address Settlement In Related Mortgage Class Suits

(May 23, 2024, 2:34 PM EDT) -- COLUMBUS, Ohio — In an order filed in the wake of a status hearing on a joint motion for preliminary approval of a $185 million settlement to resolve two related suits accusing Wells Fargo Bank N.A. and Wells Fargo and Co. (together, Wells Fargo) of violating state and federal law by engaging in a scheme to place borrowers into a forbearance program during the COVID-19 pandemic, a federal judge in Ohio on May 22 notified the parties that unless they filed a brief in opposition within seven days, the court “will sua sponte consolidate these cases into a single case for settlement purposes only, appoint both counsel as interim class counsel for settlement purposes only, and consider the pending motion for preliminary approval.”...