Wells Fargo agreed to pay $1 million to resolve claims that it failed to comply with COBRA regulations when sending notifications to health plan participants.
The settlement benefits participants and beneficiaries of the Wells Fargo & Co. Health Plan who were sent a COBRA notice between May 3, 2018, and Dec. 23, 2021, but did not elect COBRA coverage.
Plaintiffs in the class action lawsuit claim Wells Fargo failed to send proper COBRA notices to health plan participants and beneficiaries who had a qualifying event, such as termination, that disrupted their coverage. According to the class action lawsuit, participants and beneficiaries failed to elect continuing coverage due to these insufficient notices.
Wells Fargo is a bank with locations around the country.
Wells Fargo hasn’t admitted any wrongdoing but agreed to a $1 million settlement to resolve the COBRA class action lawsuit.
Under the terms of the settlement, class members can receive a cash payment of up to $20. Actual payments may be reduced from $20 on a pro rata basis depending on the number of valid claims filed.
The deadline for exclusion and objection is March 3, 2024.
The final approval hearing for the settlement is scheduled for April 15, 2024.
In order to receive a settlement payment, class members must submit a valid claim form by March 3, 2024.
Source: topclassactions.com
