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Neighborhood Housing Services of Greater Cleveland Receives $78,333 as a Designated Charitable Recipient of Wells Fargo Settlement
Cleveland, Ohio – Today Neighborhood Housing Services of Greater Cleveland announced that it will receive $78,333 as a Wells Fargo designated recipient, from unclaimed funds of a class action lawsuit filed against Wells Fargo in 2002 in Cuyahoga County (Ohio). NHSGC is one of 20 organizations from across Ohio to be designated either by the Wells Fargo or the plaintiff’s attorneys Dworken & Bernstein Co., LPA. The Northeast Ohio law firm, Dworken & Bernstein Co., LPA, included a “cy pres” clause in the settlement in the Wells Fargo class action involving consumer claims. Cy pres means that money which a defendant commits for the settlement of a class action is not returned to the defendant if class members cannot be found, and instead is directed to charities and non-profits.
“In a time of shrinking funding, this award could not come at a better time,” said Lou Tisler, executive director of Neighborhood Housing Services of Greater Cleveland, “with continued economic pressure on those we serve, programs and services of Neighborhood Housing Services of Greater Cleveland are needed now more than ever.”
With HUD housing counseling funds, slashed by $88 million for this fiscal year, housing counseling groups are clamoring for funds that will replace this much needed resource. “Our partnership with Wells Fargo, and their designation of NHSGC as one of their charitable recipients of this settlement is welcomed and appreciated,” stated Tisler, “ especially when it aligns with this year’s cuts on both the local and federal level.”
For 35 years, Neighborhood Housing Services of Greater Cleveland, a local NeighborWorks organization, has worked with thousands of northeast Ohio homebuyers to help them achieve, preserve and sustain their dream of homeownership. Funding provided by this settlement will allow the uninterrupted delivery of these programs to residents in neighborhoods and communities in northeast Ohio.
NHSGC have trained counselors on-staff ready to advise families one-on-one and help them make the right homeownership choices. To find out more about our homeownership initiatives, please visit www.nhscleveland.org or call 216.458.HOME (4663).
