Wells Fargo & Co.’s banking subsidiary has agreed to settle allegations that it violated federal law on telephone calls made in connection with home loans.
A class action lawsuit filed against Wells Fargo Bank, N.A., alleges that it called, or sent non-emergency texts to, cellphones without prior express consent.
The calls were reportedly made by the financial institution utilizing an automatic telephone dialing system or using artificial or prerecorded voice technology.
That is according to a news release from
Lieff Cabraser Heimann & Bernstein LLP, which is co-lead counsel.
The Sioux Falls, South Dakota-based bank allegedly made the calls between 2011 and 2016 in connection with residential loans and home-equity loans.
The calls allegedly violated
Telephone Consumer Protection Act, though Wells Fargo denies it broke the law or did anything wrong.
But
the news release indicated that a settlement has been reached. Court approval is still required.
Class members will received between $25 and $75 from a $16.4 million settlement fund.
Wells Fargo Senior Vice President, Consumer Lending Communications, Tom Goyda said in a written statement that the announcement is part of an agreed upon process for providing notice to potential class members.
“We reached the agreement back in January, details of the proposed settlement were filed with the court this summer, and it currently is pending approval,” he said.
