News Room

Court Preliminarily Approves U.S. Bank Mortgage Satisfaction Class Action Settlement

On May 10, 2017, Judge Robert C. Winkler of the Court of Common Pleas for Hamilton County, Ohio entered an order granting preliminary approval to a class action settlement negotiated by Goldenberg Schneider and its co-counsel in Wade v. U.S.Bank Nat’l Assoc., Case No. A1501522.  If granted final approval, the settlement will successfully resolve the plaintiff class’ claims stemming from U.S. Bank National Association’s (“U.S. Bank’s”) repeated failure to timely record thousands of mortgage satisfactions as required by Ohio Revised Code Section 5301.36.  Ohio law requires lenders to record a satisfaction of mortgage within 90 days from the date a loan is paid off.  Failure to timely record a satisfaction can result in a statutory damages payment to each such homeowner.  The $1.75 million settlement fund created by the proposed settlement will provide up to $225 for each class member who submits a valid claim.

The Court will hold a hearing on September 26, 2017 to decide whether to grant final approval to the settlement.  Class members may make a claim for monetary benefits, exclude themselves from the settlement, object to the settlement, or ask to speak at the hearing.  The deadline to submit a Claim Form is September 5, 2017.  The case, Wade v. U.S.Bank Nat’l Assoc., Case No. A1501522, is currently pending before Judge Winkler in the Court of Common Pleas for Hamilton County, Ohio.

« Back to News Room