Wells Fargo (WFC) Agrees To Pay $50 Million To Settle This
Author By Sophia VidaPosted on Wells Fargo just can’t catch a break these days, and rightfully so with all the shenanigans this company has pulled in recent years.
The bank agreed on Monday to pay a $50 million settlement in a class-action lawsuit that alleged the bank’s brokers violated racketeering laws to overcharge mortgage holders. A judge will still have to approve the settlement.
The lawsuit which was filed in 2012 claimed that brokers charged as much as $135 for a service called Broker’s Price Opinion, when it should have cost as little as $30.
More than 250,000 mortgage holders were affected and will be getting checks.
Tom Goyda, a Wells Fargo spokesman, told The Post, “While we believe our practices related to Broker Price Opinions were proper and disagree with the claims in the lawsuit, we have agreed to settle the matter to avoid further litigation.”
In the last two months, Wells Fargo has lost all of its business with California and Illinois, had its CEO resign, and settled with three government agencies over a fake account scam.
Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.
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