If you were charged for collateral protection insurance on a Wells Fargo auto loan, you could receive a cash payment from a class action settlement.
This statement is TRUE.
This is because if something happens to the collateral in the hands of a lending institution, you can receive compensation and this is known as Notice of Proposed Settlement of Class Action (“Notice”) and is authorized by the government.
This refers to the type of insurance that insures property that is on hold as collateral by a financial institution.
Hence, we can see a class action settlement has to do with the proceeds of financial rewards that is gotten as a result of winning a class action lawsuit and involves payment to a defendant.
With this in mind, we can see that you can receive compensation and this is known as a Notice of Proposed Settlement of Class Action (“Notice”) if you proceed with a class action lawsuit.
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