Web site: Cassese v. Washington Mutual, Inc. (enable browser cookies)
Claim description wrote:These charges allegedly included various fees (also referred to by Plaintiffs as “penalties” and “finance charges”), including, but not limited to, fees that are often but not always listed on payoff statements or elsewhere as i) Fax Fees; ii) Payoff Statement Fees; iii) Recording Fees; and iv) “UCC-3 Fees” in connection with requests for payoff statements or payoff amounts or the prepayment, repayment, discharge, satisfaction or settlement of loans secured by a residence (collectively, the “Disputed Fees”). It is not alleged that borrowers were necessarily required by Defendants to pay each of the Disputed Fees.
I found a recording fee for $124 which qualifies. I also found a LOT of fees that I should have questioned which didn't qualify.
$13 million is set aside for the settlement. However, there's a catch - it depends on the number of claims filed. I could get 75% to 100% of my claim back. Or, it's pro-rated.
Settlement terms wrote:Depending on the number of valid Claiming Class Member claims submitted to the Settlement Administrator, and the amount of Attorneys’ Fees and Attorneys’ Expenses, and other payments approved by the Court, that will reduce the amount of the Gross Settlement Fund, Claiming Class Members may receive between 75% and 100% of their Disputed Fees paid. However, if the Gross Settlement Fund does not contain sufficient funds to pay all Court-approved fees, expenses and payments, and 75% of the Disputed Fees paid by Claiming Class Members, the Claim Payments to Claiming Class Members will be reduced pro rata.
Reading the FAQ, and then the actual settlement agreement, I found the expenses: $3.9 million (attorney fees), $50,000 (attorney expenses), $7,500 ("incentive" award to each Class representative- huh? ). That's a shade over $9 million left. Is it worth it to file a claim? On paper, it looks like I should. But I'm wondering if anyone has any experience actually going through this type of process. Final hearing is September 15, 2011. They can always appeal, in which case the attorney fees are capped at 30% of the settlement fund.