If you paid M&T Bank a fee to make a residential loan payment by telephone or over the internet, you may be entitled to benefits from an M&T Bank class action settlement.
M&T Bank (“M&T”) has reportedly agreed to a class action settlement of a lawsuit filed against it in the United States District Court for the Central District of California, styled Lisa Silveira v. M&T Bank, Case No. 2:19-cv-06958-ODW-KS, alleging, among other things, that M&T charged borrowers Pay-to-Pay fees to make mortgage payments online or by phone, in violation of the Fair Debt Collection Practices Act and the Rosenthal Fair Debt Practices Act, and in breach of the terms of the borrowers’ loan agreements. M&T Bank reportedly denies the allegations.
Who Is Included In The M&T Bank Class Action Settlement?
The M&T Bank class action settlement reportedly includes, unless otherwise excluded, the following settlement class:
All borrowers with a residential mortgage loan serviced by M&T from whom M&T collected a Pay to-Pay Fee from the period of August 9, 2015 through May 6, 2021.
What Settlement Benefits Does The M&T Bank Pay-to-Pay Fee Class Action Lawsuit Settlement Provide?
The proposed M&T Bank Settlement, provides that M&T will create a $3,325,000.00 Settlement Fund from which Notice and Administrative Costs, Court-awarded Attorneys’ Fees and Expenses to Class Counsel, and any Service Award to the Class Representative will be paid out, and the remaining balance of the Settlement Fund (the “Net Settlement Fund”) will be distributed among the settlement class members.
Allocations of the Settlement Fund will be calculated on a loan-by-loan basis, rather than a borrower-by-borrower basis. For each loan within the Settlement Class, the Settlement Administrator will reportedly allocate the amount of the Net Settlement Fund that represents the proportional amount of Pay-to-Pay Fees charged by M&T within the Class Period on that loan. Those in the Settlement Class who do not exclude themselves will automatically receive payments.
Where Can You Obtain More Information About The M&T Bank Class Action Settlement?
For more information about the M&T Bank class action settlement, write to Settlement Administrator c/o Epiq P.O. Box 3719, Portland OR 97208-3719, call 1-855-917-3514, or visit the B&T Bank Pay-to-Pay Fee class action settlement website at http://www.mortgagefeesettlement.com/
Enough now, it’s about time