Tag: Wells Fargo

Wells Fargo got away with setting up sham accounts for 5 years because of forced arbitration clauses

September 21, 2016 by

According to a story published in the Hill, Wells Fargo’s scandalous practice of secretly opening more than 2 million sham deposit and credit card accounts dragged on for at least five years, because Wells Fargo contract provisions blocked consumers from suing the bank in court.

Ninth Circuit reverses District Court finding against Wells Fargo in excessive overdraft class action

January 18, 2013 by

Just as the holiday bills are about to come due, a federal appeals court Wednesday ruled that banks may post checking account withdrawals in a manner that allows them to garner higher overdraft fees. A three-judge panel of the U.S. 9th Circuit Court of Appeals unanimously overturned a District Court injunction that prohibited Wells Fargo

Wells Fargo not making loan modifications in accord with settlement

December 28, 2012 by

Accusing Wells Fargo & Co. of reneging on a sweeping mortgage-modification deal, a lawyer for troubled homeowners is trying to reopen a case involving risky “pick-a-pay” loans written during the housing bubble. Legal filings last week claimed Wells Fargo failed to provide wide-ranging reductions of loan balances to delinquent borrowers as it had promised two

Wells Fargo faces class action over “dual tracking” practice

June 4, 2012 by

A Kansas couple has filed a class action suit against Wells Fargo, accusing the nation’s largest mortgage lender of providing only “illusory trial loan modification programs” to borrowers facing foreclosure — without any intention of offering them permanent loan reductions. The suit brings to light “dual-tracking,” a practice by lenders of offering mortgage loan modifications

Wells Fargo’s Motion to Compel Arbitration in overdraft fees class action denied

December 29, 2011 by

Judge King denied Wells Fargo’s motion to compel arbitration in the putative class action we have pending before him in MDL proceedings in the Southern District of Florida.  The account agreements issued by Wells Fargo provided for permissive arbitration.  That means if one party files in court, the other party has to immediately demand arbitration. 

Foreclosed homeowners file RICO class action against Wells Fargo and its law firm

November 11, 2011 by

A foreclosed homeowner filed a class action complaint on behalf of distressed homeowners residing in New Jersey and Pennsylvania. The complaint was filed in the United States District Court for the District of New Jersey against Wells Fargo Bank, N.A. and one of its principal foreclosure law firms.  The caption of the Complaint, filed on

If class actions are certified, banks may pay more to resolve mortgage backed securities class actions

September 26, 2011 by

Bank of America Corp., JPMorgan Chase & Co. and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group with less savvy ones. Class action status allows investors to pool financial and legal

Wells Fargo settles “Pick-a-Pay” loan class action for $627 million

August 24, 2011 by

In the latest legal fallout from the mortgage implosion, Wells Fargo & Co. has agreed to pay $590 million and accounting firm KPMG has agreed to pay $37 million to settle class action lawsuits brought by Wachovia bond holders and preferred shareholders centering on controversial “pick-a-pay” loans issued by Oakland’s World Savings and later Wachovia

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