Payments for timely, valid claims will be sent out only after the settlement receives final approval from the court and any appeals are resolved in favor of the deal. A final approval hearing has been scheduled for December 10, 2024. The initial class action lawsuit against Wells Fargo notes that in 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to give homeowners the right to request that their mortgage loan be temporarily placed into forbearance. According to the case, Wells Fargo automatically placed hundreds of thousands of mortgage loans within its servicing portfolio into forbearance without any advance notice to affected borrowers. The filing argues that the decision harmed borrowers' credit while benefiting Wells Fargo's bottom line. Are you owed unclaimed settlement money? Check out our class action rebates page full of open class action settlements.