Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 will soon receive their share of a $50 million settlement stemming from allegations that Wells Fargo overcharged borrowers for Broker Price Opinions during that period.
The lawsuit claimed that Wells Fargo charged certain borrowers between $95 and $125 for the BPOs, instead of the typical cost of $50 or less.
Wells Fargo said in October, and again in a statement to HousingWire on Monday, that it believes it did nothing wrong, but chose to settle the suit anyway.
A check will be mailed to class members at their last known address in Wells Fargo’s records, the attorneys state.
The settlement, which was initially announced in October, stems from a class action lawsuit against Wells Fargo that claimed that the bank violated the law by charging borrowers more than the amount Wells Fargo paid for BPOs.
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In September, San Francisco-based Wells Fargo & Co. agreed to a $185-million settlement with Los Angeles City Atty.
A New Jersey woman has sued Wells Fargo Bank, saying she was fired for refusing to participate in a scheme to manipulate accounts and sell products that weren’t in customers’ best interest.
“Our nonretaliation policy makes clear that no team member may be retaliated against for providing information about suspected unethical or illegal activities or possible violations of any Wells Fargo policies,” Friedlander said.
In early March, Wells Fargo said it would cancel bonuses and revoke millions of dollars in compensation from eight top executives, including Tim Sloan, who succeeded Stumpf as CEO in October.
In the lawsuit, Bini accused her superiors of running or knowing about the scheme and says she was retaliated against and later fired for refusing to participate.
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collected by :John Locas