SAN DIEGO, July 2, 2024 /PRNewswire/ -- 

There is a class action lawsuit against Wells Fargo Bank, N.A. ("Wells Fargo") that claims Wells Fargo violated the California Consumer Credit Reporting Agencies Act ("CCRAA"), at Cal. Civ. Code § 1785.25(a), by furnishing information to a consumer credit reporting agency when it knew or should have known the information was incomplete or inaccurate. More specifically, the lawsuit claims that Wells Fargo, as part of its COVID-19 credit reporting, unlawfully furnished information to the credit bureaus indicating that consumers with current Wells Fargo mortgages were in forbearance. Wells Fargo denies the allegations and claims, denies that it furnished inaccurate or incomplete information, and contends that neither plaintiff nor Class Members have incurred any damages.

Why are individuals being contacted? The Court certified the lawsuit as a class action and appointed plaintiff Michael Stoff as the class representative. The Class is defined as: "All mortgagees with a mortgage in California whose accounts were current, who received a CARES Act forbearance on or after March 27, 2020 and whose account was reported as 'in forbearance' (or something similar) by Defendant to a consumer reporting agency." Mortgagors that meet the Class Definition may have legal rights and options and must decide whether to remain part of this lawsuit. No decision has been made on the merits of plaintiff's claims. A trial will decide whether Wells Fargo violated the CCRAA and, if so, the amount of any damages to be awarded.

Will Class Members receive money or benefits? No money or benefits have been recovered to date, and there is no guarantee that there will be in the future. However, the Court did grant a motion certifying the above Class, and Class Members have a choice to make now.

What are the options? Do Nothing. Class Members can do nothing and await the outcome of the lawsuit. They will remain in the Class and keep the possibility of getting money or benefits from a trial or settlement. If money or benefits are awarded, Class Members will be notified. But, they give up any rights to sue Wells Fargo individually and seek damages for the credit reporting at issue. If Wells Fargo wins at trial, Class Members recover nothing and will lose their claim. Request Exclusion. Class Members can ask to be removed from this lawsuit. If they do so, and money or benefits are awarded later in this case, they will not receive any portion. But, they will keep any rights they may have to sue Wells Fargo themselves.

How to request exclusion? Class Members must send a "Request for Exclusion" by U.S. mail stating that they want to be excluded. They must include their name, address, and phone number, and sign the request. The request for exclusion must be mailed and postmarked by July 31, 2024, to Wells Fargo CARES Act Mortgage Credit Reporting Class Action, c/o A.B. Data, Ltd., ATTN: Exclusions, P.O. Box 173001, Milwaukee, WI 53217. Opt-out instructions are also on the website: www.CaresActLitigation.com.

Do Class Members have a lawyer? Yes. The Court has appointed Russell S. Thompson, IV (Thompson Consumer Law Group, PC and Andrew J. Brown (Law Offices of Andrew J. Brown) to represent the Class Members as "Class Counsel." Class Members will not be charged by these lawyers. Members of the Class can hire their own lawyer to make an appearance in the lawsuit, but They'll need to pay their own legal fees.

More Information? For additional information, visit the website, www.CaresActLitigation.com.   There Class Members will find important documents, including the Court's Orders. They can also contact the Notice Administrator by:

• Email at: info@CaresActLitigation.com
• Mail to:

Wells Fargo CARES Act Mortgage Credit Reporting Class Action
c/o A.B. Data, Ltd.
P.O. Box 173008
Milwaukee, WI 53217

or

• Toll-free at: 1-877-307-7268

View original content:https://www.prnewswire.com/news-releases/thompson-consumer-law-group-pc-and-law-offices-of-andrew-j-brown-announce-a-class-action-lawsuit-that-may-affect-those-with-a-mortgage-in-california-who-had-a-current-account-received-a-cares-act-forbearance-and-whose-account--302187219.html

SOURCE Thompson Consumer Law Group, P.C. and Law Offices of Andrew J. Brown