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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of December 7, 2011 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
The settlement includes persons or entities that purchased or otherwise acquired mortgage pass-through certificates pursuant or traceable to Wells Fargo Asset Securities Corporation’s July 29, 2005 Registration Statement, October 20, 2005 Registration Statement, or September 27, 2006 Registration Statement, and the prospectuses and prospectus supplements in the following 28 offerings and were damaged thereby: The WFMBS 2006-1 offering, WFMBS 2006-2 offering, WFMBS 2006-3 offering, WFMBS 2006-4 offering, WFMBS 2006-6 offering, WFMBS 2006-AR1 offering, WFMBS 2006-AR2 offering, WFMBS 2006-AR4 offering, WFMBS 2006-AR5 offering, WFMBS 2006-AR6 offering, WFMBS 2006-AR8 offering, WFMBS 2006-AR10 offering, WFMBS 2006-AR11 offering, WFMBS 2006-AR12 offering, WFMBS 2006-AR14 offering, WFMBS 2006-AR17 offering, WFMBS 2007-11 offering, WFMBS 2006-7 offering, WFMBS 2006-10 offering, WFMBS 2006-AR16 offering, WFMBS 2006-18 offering, WFMBS 2006-AR19 offering, WFMBS 2006-20 offering, WFALT 2007-PA1 offering, WFMBS 2007-AR4 offering, WFMBS 2007-10 offering, WFMBS 2007-13 offering, and WFMBS 2006-AR15 offering from January 1, 2007 through October 31, 2007, inclusive, and who were damaged thereby. Trust 2007-AR5 Certificates; 1-A1A, 1-A2A, 1-A12B, 1-12IO, 1-A3A, 1-A3B, 1-3IO, 2-A1A, 2-A2A, 2-AB, 2-AIO, 1-B1, 1-B2, 1-B3, 1-B4, 1-B5, 1-B6, 2-B1, 2-B2, 2-B3, 2-B4, 2-B5, 2-B6, 2-BIO Trust 2007-WFHE2 Certificates; A1, A2, A3, A4, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10
July 26, 2011 - The court preliminarily approved the settlement.
July 6, 2011 - A stipulation of settlement was filed by the parties.
October 5, 2010 - The court granted in part and denied in part the defendants motions' to dismiss.
June 25, 2010 - A motion to dismiss the second consolidated complaint was filed.
May 28, 2010 - A second amended complaint was filed.
April 22, 2010 - The court granted in part and denied in part the defendants' motions to dismiss.
October 30, 2009 - A motion to dismiss the consolidated complaint was filed.
August 31, 2009 - A consolidated complaint was filed.
April 6, 2009 - The plaintiff that filed the January 29, 2009 complaint filed a notice of voluntary dismissal, dismissing their claims without prejudice against all defendants.
March 27, 2009 - Another investor filed a complaint in the U.S. District Court for the Northern District of California.
January 29, 2009 - An investor in shares of Wells Fargo Mortgage-Backed Securities, filed a lawsuit in the U.S. District Court for the Southern District of New York against Wells Fargo Asset Securities Corporation over alleged violations of Federal Securities Laws pursuant and/or traceable to the false and misleading registration statement and prospectus supplements issued during 2006.
The complaint alleges violations of Sections 11, 12 and 15 of the Securities Act of 1933, filed on behalf of investors who purchased Wells Fargo Mortgage-Backed Securities and Wells Fargo Asset Securities Certificates, backed by pools of fully amortizing, one- to four family, adjustable interest rate, residential first mortgage loans, pursuant to or traceable to the various certificate offerings throughout 2006. The certificates were issued pursuant to a Form S-3 Registration Statement filed with the Securities Exchange Commission on or about July 29, 2005.
The initial Registration Statement was thereafter amended by the filing of a supplemental Form S-3/A on January 31, 2006. Following the issuance of the certificates, disclosures began to emerge revealing Wells Fargo Bank routinely disregarded the underwriting guidelines in its mortgage loan origination. These disclosures were confirmed by substantially higher rates of delinquencies and foreclosures on collateral for such highly-rated debt issues. These disclosures, and the poor performance of the collateral, caused the Rating Agencies to review and revise the ratings assigned to the certificates due to the fact that the true nature of the collateral had not been properly assessed at the time of the offerings. The rating agencies dramatically downgraded the certificates dramatically beginning in August 2008, resulting from the revelations regarding the true underwriting practices used to originate the collateral and the true value and quality of the certificate collateral, which subsequently caused the substantial decline in the value of the certificates. Plaintiff purchased certificates issued by one or more of the Wells Fargo Mortgage-Backed Securities Trusts pursuant to the registration statements described herein. However, as of the date the within action was commenced, plaintiff's investment suffered a decline of over 60 percent. Wells Fargo Asset Securities Corporation is the depositor for the offerings, and the parent company of issuers. Wells Fargo Asset Securities Corporation is a direct and wholly owned subsidiary of Wells Fargo Bank, NA.