Trust Loans Settlement

August 21, 2012

WRRSV is pleased to announce that the Court has preliminarily approved a $68,300,000.00 class action settlement in Beaver v. U.S. Bank National Association, Case No. 1216-CV21345. U.S. Bank National Association and Wilmington Trust Company, trustees of  26 trusts and the 26 trusts (collectively “Trust Parties”) have agreed to pay $68,300,000.00 to settle the claims of over 3,000 class members who obtained approximately 1,800 second mortgage loans that were purchased by, assigned to, or serviced by the Trust Parties.  Class Members who do not exclude themselves from the settlement will receive a substantial payment ranging from an estimated $250.00 to $86,000.56 ($20,303.56 on average).

The claims asserted against the Trust Parties in the Beaver case were originally asserted in eight separate class action lawsuits, and this settlement will resolve the “Released Claims” against the Trust Parties in each of those cases. Because the Missouri law claims filed against the other defendants in those eight class action lawsuits have yet to be resolved, those eight lawsuits will remain pending. For more information about those underlying lawsuits, you can click on the case names below:

 

•  Baker v. Century Financial Group, Inc.
• Couch v. SMC Lending, Inc.
• Gilmor v. Preferred Credit Corporation
• Hall v. American West Financial
• Thomas v. U.S. Bank Nat. Ass’n, N.D.  (German Capital Corporation)
• Wong v. Bann-Corr Mortgage 
• Smith v. Premiere Associates Mortgage Company

 

Class Members can see what we currently estimate the amount of their settlement payment to be by accessing the Proposed Distribution Schedule. To access the Proposed Distribution Schedule for your settlement benefit, click here.

 

November 26, 2012 –  The Circuit Court of Jackson County has entered its order giving final approval to the Settlement Agreement reached with U.S. Bank in Jack L. and Hilda M. Beaver, et al. v. U.S. Bank National Association, et al. The judgment will become final on January 7, 2013, and we anticipate sending distribution checks to Settlement Class Members beginning in late February/March 2013.

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