Wells Fargo puts up $13 million to end kickback class action

March 1, 2013 by

House key ring vectorWells Fargo & Co. will pay nearly $13 million to put to rest a class action accusing it of receiving illegal kickbacks from its mortgage reinsurer, according to a deal signed off on by a Pennsylvania judge Friday.

The deal, which will amount to gross payments of $173 to each of the nearly 74,000 class members, resolves allegations that Wells Fargo accepted kickbacks from reinsurer North Star Mortgage Guaranty Reinsurance Co. in violation of the Real Estate Settlement Procedures Act of 1974.

Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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