July 21st, 2014

West Virginia mortgage borrowers reach $9m class settlement with lender

On June 18, 2014, Judge Jay Hoke of the Circuit Court of Lincoln County, West Virginia approved a $9 million dollar settlement for a class of 184 West Virginia families who obtained allegedly predatory home mortgages from the defendant, Wells Fargo Financial West Virginia, Inc. The settlement will write down more than $4.9 million in mortgage balances, pay $4.15 million in cash, and help borrowers repair damaged credit. Bailey & Glasser attorneys Jonathan Marshall, John Barrett, and Rodney Smith led the firm’s litigation team.