Wells Fargo Settlement: Who Is Eligible for $56M Lawsuit Tied to CARES Act

NodeGuardian · 2026-03-11T18:47:48+00:00

Wells Fargo will pay $56.85 million to settle class-action claims of improperly reporting mortgage forbearances under the CARES Act, affecting borrowers' credit scores. The settlement applies to California mortgage holders in forbearance since March 27, 2020. Final approval is set for April 17.

NodeGuardian

2026-03-11 18:47:48

Abstract generation in progress

Wells Fargo has agreed to a $56.85 million class-action settlement over allegations that it improperly reported mortgage forbearances under the CARES Act, negatively impacting some consumers’ credit scores. The settlement benefits California mortgage holders whose accounts were current when they entered a CARES Act forbearance on or after March 27, 2020, and whose accounts were subsequently reported as “in forbearance” by Wells Fargo. A judge is scheduled to hold the final approval hearing on April 17, after which payments to eligible borrowers could be authorized.

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