WELCOME TO THE OFFICIAL WELLS FARGO GUARANTEED AUTO PROTECTION (GAP) CLASS ACTION SETTLEMENT CLAIMS WEBSITE

You might see a duplicate of the Settlement Agreement here.

What’s going on with This Lawsuit?

The Settlement settle a legal claim against Wells Fargo in the United States District Court for the Central District of California, Armando Herrera, et. al, v. Wells Fargo Bank, N.A., Case No. 8:18-cv-00332-JVS-MRW. The claim asserts that Wells Fargo neglected to give clients a halfway discount of the expenses paid for Guaranteed Asset Protection or Guaranteed Auto Protection (“GAP”) after clients took care of their Finance Agreements early.

HOW DO I KNOW IF I AM PART OF THE SETTLEMENT?

There are two classes who are important for this Settlement: the Class and the Statutory Subclass.

The “Class” signifies all people in the United States (a) who went into Finance Agreements with GAP Agreements that were relegated to Wells Fargo; (b) whose Finance Agreements ended as the consequence of an Early Payoff that happened during the Class Period; and (c) who didn’t get a GAP Refund. The Class Period is distinctive relying upon the State where the Finance Agreement began. If it’s not too much trouble, see the Settlement Agreement for more data.

The “Legal Subclass” signifies those people (a) who went into Finance Agreements with GAP Agreements that were relegated to Wells Fargo; (b) whose Finance Agreements were liable to State Refund Laws; (c) whose Finance Agreements ended as the consequence of an Early Payoff that happened during the Statutory Subclass Period; and (d) who didn’t get a GAP Refund from Wells Fargo, or for whom Wells Fargo didn’t get composed affirmation from a Dealer or GAP Administrator that the GAP Refund was paid. If it’s not too much trouble, see the Settlement Agreement for more data.

In case you are a Class Member, including an individual from the Statutory Subclass, a Notice was sent to you which distinguishes whether you are an individual from the Statutory Subclass.

In the event that you trust you might be a Class Member yet didn’t get a Notice, if it’s not too much trouble, call the Settlement Administrator at 1-833-636-2118.

WHAT DOES THE SETTLEMENT PROVIDE?

Under the Settlement, Wells Fargo has consented to give the accompanying advantages as thought for the goal and arrival of the Class Members’ cases:

Business Practice Change. No later than January 1, 2022, Wells Fargo will carry out cycles to straightforwardly give to clients, on a go-ahead premise, Early Payoff GAP Refunds inside a sensible time after receipt of an Early Payoff inasmuch as (1) the client bought GAP from a Dealer at the time they went into their Finance Agreement; (2) the client decided to fund the expense of the GAP and such expense is remembered for a Finance Agreement allocated to Wells Fargo; (3) Wells Fargo got the Early Payoff from the client; (4) the client’s GAP Agreement accommodates an Early Payoff GAP Refund in case of an Early Payoff; and (5) the client has not recently gotten a GAP Refund. Clients who meet these measures won’t be needed to make any move other than finishing an Early Payoff to get an Early Payoff GAP Refund. This commitment will proceed until January 1, 2026. Offended parties’ master’s gauge of the effect of this business practice change is remembered for Plaintiffs’ movement for fundamental endorsement of the settlement, which can be found here.

Past GAP Refunds to Statutory Subclass Members. Individuals from the Statutory Subclass have gotten or will get an installment straightforwardly from Wells Fargo equivalent to the measure of their Early Payoff GAP Refund (with no derivation for dropping expenses) in addition to remuneration for the deficiency of utilization of these assets dependent on the one-year consistent U.S. development depository rate, accumulated every year from the date of the Early Payoff. Wells Fargo addresses and warrants that it has paid $33,357,919.81 by and large to the individuals from the Statutory Subclass between December 20, 2018 and March 31, 2021. In the occasion that Wells Fargo recognizes any extra individuals from the Statutory Subclass who have not yet gotten these installments, then, at that point Wells Fargo addresses and warrants that it will do as such in accordance with the conditions of the Settlement. These sums have been or will be paid straight by Wells Fargo and are notwithstanding and independent and aside from the Settlement Fund portrayed beneath. Moreover, each Statutory Subclass Member will likewise get an installment of up to $5.00 (“Additional Compensation”) to be paid out from the Settlement Fund portrayed beneath.

Past GAP Refunds to Non-Statutory Subclass Members. Class Members whose Finance Agreements were not represented by the State Refund Laws (the “Non-Statutory Subclass Members”) who present a case checking that they didn’t already get a GAP discount, will be qualified to a get a settlement installment up to everything of the Early Payoff GAP Refund with no allowance for retraction charges (an “Endorsed Claim”). The settlement installments to the Non-Statutory Subclass Members might be diminished on an allocated premise contingent upon the sums staying in the Settlement Fund as examined underneath.

Settlement Fund. Wells Fargo will set up a settlement reserve (“Settlement Fund”) adding up to $45,000,000.00 to pay: (1) the Approved Claims for GAP Refunds to the Non-Statutory Subclass Members; (2) the $5.00 Additional Compensation installments to the Statutory Subclass Members; (3) the Fee and Expense Awards to Class Counsel supported by the Court; and (4) any Service Awards to the Class Representatives endorsed by the Court. On the off chance that the aggregate complete of these things surpasses $45,000,000.00, the settlement installments to the Non-Statutory Subclass Members and the $5.00 Additional Compensation installments to the Statutory Subclass Members will be decreased on a customized premise to represent the distinction. Each Class Member’s installment from the Settlement Fund will be decreased by a similar rate.

Notice and Administration Costs. Wells Fargo will independently pay for the expense of giving Notice to the Class and the regulatory costs brought about by the Claims Administrator. These costs will be paid straight by Wells Fargo and won’t diminish the Settlement Fund.

NOTE: Early Payoff GAP Refunds will be determined utilizing the genius rata strategy. No undoing charge will be applied. The Claims Administrator will be answerable for figuring the Early Payoff GAP Refunds dependent on the data given by Wells Fargo.