Welcome to the BlackRock Wells Fargo Trustee Class Action Website
BLACKROCK CORE BOND PORTFOLIO, et al., Plaintiffs,
WELLS FARGO BANK, NATIONAL ASSOCIATION., et al., Defendants.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency of Class Action, Proposed Settlement and Fairness Hearing and Right to Appear ("Notice"). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
Plaintiffs allege that Wells Fargo, as trustee for the Trusts, breached its contractual and common law duties by failing to enforce Trust repurchase claims when it discovered mortgage loans that allegedly breached representations and warranties made by the entities (or their successors) that sold the mortgage loans to the Trusts, and failing to provide notices to cure known servicing violations to the servicers responsible for servicing the mortgage loans in the Trusts. These Claims include allegations that Defendant is liable for Claims arising out of or relating to (i) documents missing or allegedly missing from the loan files that were delivered to the Trusts or the custodians for the Trusts; (ii) breaches of duty or of representations or warranties by the originators, sellers or other responsible parties of the mortgage loans that were part of the Trusts; (iii) breaches of duty relating to servicers, master servicers, or custodians of the mortgage loans in the Trusts; (iv) alleged conflicts of interest or acting and failing to act as a result of alleged conflicts of interest; (v) the actions or omissions of Defendant with regard to items (i) to (iv); and (vi) the use of funds from the Trusts by Defendant for the defense or indemnification of any lawsuit or claims. Defendant has asserted Claims for contribution against certain of Plaintiffs’ investment advisors.
Plaintiffs, on behalf of themselves and the Settlement Class (as defined below), have reached a proposed settlement (the “Settlement”) to resolve all Claims in the Action for $43,000,000 in cash and the release of $70,000,000 of the Reserve Funds withheld or reserved by Wells Fargo in its Trustee Reserve Accounts established in connection with the following 20 Bank of America securitizations: Banc of America Alternative Loan Trust 2004-1; Banc of America Alternative Loan Trust 2004-2; Banc of America Alternative Loan Trust 2004-3; Banc of America Alternative Loan Trust 2004-4; Banc of America Alternative Loan Trust 2004-7; Banc of America Alternative Loan Trust 2004-8; Banc of America Mortgage 2004-1; Banc of America Mortgage 2004-10; Banc of America Mortgage 2004-11; Banc of America Mortgage 2004-3; Banc of America Mortgage 2004-4; Banc of America Mortgage 2004-5; Banc of America Mortgage 2004-7; Banc of America Mortgage 2005-1; Banc of America Mortgage 2005-10; Banc of America Mortgage 2005-12; Banc of America Mortgage 2005-5; Banc of America Mortgage 2005-6; Banc of America Mortgage 2005-7; Banc of America Mortgage 2005-9 (collectively, the “Bank of America Reserve Account Trusts”).
The proposed Settlement Class consists of:
All persons or entities who purchased or otherwise acquired a beneficial interest in a security issued from the Trusts and
- hold on the date on which the Court enters an order finally approving the Settlement or
- held at any time on or after June 18, 2014, but no longer hold as of the date on which the Court enters an order finally approving the Settlement (herein, the “Class” or “Settlement Class”).
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
|SUBMIT A CLAIM FORM BY JULY 2, 2019.
||This is the only way to be eligible to receive a payment from the Settlement.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY APRIL 15, 2019.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement. Exclusion is the only option that can allow you to bring another lawsuit against the Defendant with respect to the Released Claims.
|OBJECT TO THE SETTLEMENT
||If you are a Settlement Class Member and do not like the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and expenses, you may object orally at the Fairness Hearing on May 6, 2019, or write to the Court and explain why you do not like them.
|ATTEND THE HEARING ON MAY 6, 2019 AT 10:00 A.M.
||You may attend the hearing and speak in Court about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses.
||If you are a Settlement Class Member and you do not submit a Proof of Claim Form, you will not be eligible to receive any payment from the Settlement. You will, however, remain a Settlement Class Member and give up your right to bring, participate in, or receive a monetary or other recovery in connection with another lawsuit against the Defendant with respect to the Released Claims, and you will be bound by any orders entered by the Court.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-843-2644; or emailing info@blackrockwellsfargotrusteeclassaction; or mailing a letter to:
BlackRock Wells Fargo Trustee Class Action
c/o JND Legal Administration
P.O. Box 91224
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.