Bertels, et al. v. U.S. Bank NA & Wilmington Trust Co.

March 20, 2017 – On March 6, 2017, the Court entered its Order and Judgment Finally Approving Class Action Settlement and Certifying a Class for Settlement Purposes, which granted final approval of the $2 million class action settlement with U.S. Bank National Association, Wilmington Trust Company, and 12 related securitization trusts (collectively the “Trust Parties”), with respect to 39 second mortgage loans that that were purchased by, assigned to, or serviced by the Trust Parties.  A copy of the Court’s Order and Judgment can be accessed here.

 

The Order and Judgment will become final on April 17, 2017, unless an appeal is filed.  Absent an appeal, the Settlement will become effective on April 18, 2017 and payment of the “Net Distributable Settlement Fund” will begin soon after receipt of the settlement funds.

 

December 7, 2016 – WBSV is pleased to announce that the Court has preliminarily approved a $2,000,000.00 class action settlement in Bertels, et al. v. U.S. Bank National Association, Case No. 1616-CV28515. U.S. Bank National Association and Wilmington Trust Company, trustees of 12 trusts and the 12 trusts (collectively “Trust Parties”) have agreed to pay $2,000,000 to settle the claims of 68 class members who obtained 39 second mortgage loans that were purchased by, assigned to, or serviced by the Trust Parties.  Class Members who do not exclude themselves from the settlement will receive a substantial payment ranging from an estimated $250 to $81,609.88 ($27,496.22 on average).

 

The claims asserted against the Trust Parties in the Bertels case were originally asserted in two separate class action lawsuits, and this settlement will resolve the “Released Claims” against the Trust Parties in each of those cases.  For more information about those underlying lawsuits, you can click on the case names below:

 

Baker v. Century Financial Group, Inc.
Beaver v. First Consumers Mortgage, Inc.

 

Class Members can see what we currently estimate the amount of their settlement payment to be by accessing the Proposed Distribution Schedule.  To access the Proposed Distribution Schedule for your settlement benefit, click here.

 

 


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