I just read WaMU, FDIC and WaMu home loans will settle with former clients if you have had a loan with them and paid fees that you didn't have to or wasn't made aware of. I wonder how much $$ the rest of the class will get. They are proposing to pay $13MIL with about $4Mil to lawyers plaintiff and rest to the class.
Welcome to the Cassese v. Washington Mutual, Inc. Website.
In this class action (the “Litigation”), Plaintiffs Denise Cassese, George Scott Rush, Richard Schroer and William Bloom (the “Named Plaintiffs”), on behalf of themselves and on behalf of all others similarly situated (collectively, “Plaintiffs”), brought this action in the District Court against Defendants Washington Mutual, Inc. (“WMI”), the Federal Deposit Insurance Corporation (“FDIC”), in its capacity as receiver for Washington Mutual Bank (“WMB”), such entity having incorporated former defendants Washington Mutual Bank, FA and Washington Mutual Home Loans, Inc. Plaintiffs contend in the Litigation that WMI is directly and indirectly liable for the acts of its former subsidiary, WMB, and other former WMI subsidiaries, for charging fees prior to satisfaction and settlement of Named Plaintiffs’ and Class Members’ home loans, mortgage loans, co-op loans, home equity loans or home equity lines of credit. These charges allegedly included various fees (also referred to by Plaintiffs as “penalties” and “finance charges”), including, but not limited to, fees that are often but not always listed on payoff statements or elsewhere as i) Fax Fees; ii) Payoff Statement Fees; iii) Recording Fees; and iv) “UCC-3 Fees” in connection with requests for payoff statements or payoff amounts or the prepayment, repayment, discharge, satisfaction or settlement of loans secured by a residence (collectively, the “Disputed Fees”). It is not alleged that borrowers were necessarily required by Defendants to pay each of the Disputed Fees.
The parties entered into a proposed settlement agreement on February 15, 2011 (the “Agreement” or the “Settlement”), which the District Court preliminarily approved on March 10, 2011. The United States Bankruptcy Court for the District of Delaware approved the proposed settlement agreement on May 2, 2011. A Final Fairness Hearing is scheduled for September 15, 2011.
WMI vigorously denies Plaintiffs’ allegations, believes them to be without merit, and has asserted numerous defenses to Plaintiffs’ claims. WMI believes that it has complied fully with all laws, and has provided all necessary information, relating to the payoff of residential mortgage loans, cooperative loans, home equity loans or home equity lines of credit, and has not breached any contract in connection with such payoffs. WMI denies any liability, and has agreed to this Settlement to avoid the burdens, costs and uncertainties inherent in litigation.
If the parties’ Settlement is not approved, WMI will continue to dispute Plaintiffs’ allegations. Defendant FDIC, as receiver for WMB, which was closed by federal banking regulators on September 25, 2008, has not settled with Plaintiffs and continues to dispute their claims. Plaintiffs and Class Counsel believe the Settlement to be fair and reasonable for all Class Members. Class Members that paid any Disputed Fee to WMB, or any of its “Washington Mutual” branded subsidiaries, between January 1, 1998 and September 25, 2008 (the “Class Period”), and who do not request to be timely excluded from the Class, are entitled to submit a claim to be eligible to receive a payment as described herein.
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