Wilken v. Wachovia Class Action

June 26, 2012

Synopsis:

On June 13, 2011, the Huron County Court of Common Pleas granted preliminary approval to the proposed class action settlement in Wilken v. Wachovia Bank of Delaware, N.A. Case No. CVE-2002-4321. On June 24, 2011, a Notice of Pending Class Action Settlement and corresponding Claim Forms were sent to members of the Class who are entitled to receive a monetary payment. As a result of the settlement approval hearing on October 7, 2011, the claim period remains open. In light of that fact, Judge Richard M. Markus has sent a letter to Class members who did not return the Claim Forms originally sent on June 24, 2011, urging them to consider completing and returning the Claim Forms. A new settlement approval hearing has been scheduled for Thursday, January 5, 2012.

In the lawsuit, Plaintiffs allege that Wachovia Bank, formerly known as First Union Home Equity Bank, N.A., violated the law by charging its borrowers for third party property appraisals when financing residential real estate purchases or refinancings but failing to conduct the proper appraisals. Instead, Defendant actually used Estimates of Value or EOVs and other property valuation methods without the consent or knowledge of its borrowers. Defendant then added ΒΌ% to the interest rate of these borrowers. Plaintiffs alleged that Defendant's conduct was a breach of contract, fraudulent, and a misrepresentation.

Class counsel, Murray & Murray Co., L.P.A., can be reached at (866) 729-0585 with any questions or contact Rhonda Rice at 419-624-3114 or Rhonda@murrayandmurray.com.

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