Wells Fargo Lawsuit is the Perfect Example of TCPA Violation
People hear about debt collection harassment, but not many people realize just how much trouble a debt collector can get into by exhibiting this behavior. Ask any local debt collection defense attorney in Tampa- you have rights, and debt collectors must abide by the rules. Just this past July, Wells Fargo finally settled a class action lawsuit for $14.5 million.
Wells Fargo Settles for Millions of Dollars for Violating TCPA
It all started in April of 2015 when plaintiff Steven Markos filed a lawsuit against the bank for violating the Telephone Consumer Protection Act. The TCPA sets regulations for debt collectors concerning telephone contact for debts owed. In this case, Markos, along with co-plaintiffs Tiffany Davis and Gregory Page, filed the class action lawsuit after receiving an onslaught of debt-collection calls and text messages.
The debts were associated with home equity and residential mortgage loans. Originally, Markos, Davis, and Page filed separate lawsuits. Then in June, the three combined forces as Markos filed to amend his suit to include the other two parties.
Across the nation, there were numerous parties who were affected by this violation of the TCPA. In the end, Wells Fargo settled for $16,319,000. Attorney fees and costs, plus a sum to the three main plaintiffs who acted as representatives to the group, still leaves most participants with an estimated sum of $25-$75, which is a pretty sizable amount for a class action suit of this size.
Payments Were Divided Accordingly
Since the payments are divided based on the type of loan the harassing phone calls and text messages referred to, those who had both home equity and residential mortgage loans were able to file two separate complaints and could be paid for each claim.
The representatives, Markos, Davis and Page are paid as the primary plaintiffs. Based on the approval of the court, Wells Fargo has agreed not to object to incentive payments that do not exceed a total (for all three plaintiffs) of $60,000.00.
The Telephone Consumer Protection Act is meant to protect consumers from harassing phone calls and text messages. It was specifically designed to cover robo-calling and text messaging, as technology has been used in multiple cases at excess to contact cellular devices. If you are having a similar experience, contact your local debt collection defense attorney in Tampa.