Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date/s:
August 7, 2020
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
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, Court 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 alleged 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 included 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 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 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 Settlement Class consists of:
All persons or entities who purchased or otherwise acquired a beneficial interest in a security issued from the Trusts and
- held on the date on which the Court entered an order finally approving the Settlement or
- held at any time on or after June 18, 2014, but no longer held as of the date on which the Court entered an order finally approving the Settlement (herein, the “Class” or “Settlement Class”).
On May 6, 2019, following a hearing, the Court entered an Order and Final Judgment approving the Settlement and entered orders approving the Plan of Allocation for the proceeds of the Settlement and Lead Counsel's motion for attorneys' fees and expenses.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment under the Court Approved Settlement, you must submit a Claim Form postmarked no later than July 2, 2019.
Payments to eligible claimants will be made only after any appeals are resolved and after the completion of all claims processing. Please be patient as this process will take some time to complete.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
|SUBMIT A CLAIM FORM BY JULY 2, 2019.
|| Deadline has passed
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.