U.S. Bank Mortgage Satisfaction Class Action
Goldenberg Schneider has joined forces with the Lyon Firm, in bringing a putative class action against U.S. Bank National Association (U.S. Bank) alleging that U.S. Bank repeatedly failed 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. 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 settlement that would create a $1.75 million settlement fund and pay up to $225 for each class member who submits a valid claim.
The court will hold a hearing on October 23, 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.