Wells Fargo & Company News

California ordered to immediately return subprime crisis money 'unlawfully diverted' to general fund

By John Breslin | Jul 25, 2018

SACRAMENTO, Calif. (Legal Newsline) – California must immediately return more than $300 million transferred to the state's general fund from its share of billions of dollars paid by the country's largest mortgage services companies for their alleged roles in the subprime mess.

U.S. secures additional $4.5 million for service members affected by alleged Wells Fargo violations

By Mark Iandolo | Nov 21, 2017

WASHINGTON (Legal Newsline) — The U.S. Department of Justice announced Nov. 14 that more than 860 service members will be entitled to an additional $5.4 million in relief after allegations of unlawful vehicle repossessions by Wells Fargo Bank NA.

Arbitration ban would boost credit costs 25 percent, federal analysis finds

By Michael Carroll | Oct 4, 2017

A rule banning mandatory arbitration in consumer financial agreements would raise the cost of consumer credit by nearly 3.5 percent annually, a newly released federal analysis says.

Wells Fargo to pay $5.4 million, settles allegations of terminating employee for whistleblowing

By Mark Iandolo | Apr 19, 2017

The U.S. Department of Labor announced April 3 that its Occupational Safety and Health Administration (OSHA) has ordered Wells Fargo Bank N.A. to compensate and reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline.

Bill to limit use of forced arbitration clauses reintroduced

By Jessica Karmasek | Mar 22, 2017

U.S. Sens. Al Franken, D-Minn., and Patrick Leahy, D-Vt., along with U.S. Rep. Hank Johnson, D-Ga., reintroduced the Arbitration Fairness Act March 7. The legislation, previously introduced in 2011 and 2015, would eliminate forced arbitration clauses in employment, consumer, civil rights and antitrust cases.

Wells Fargo launches internal investigation after class action filed

By Michelle de Leon | Nov 3, 2016

SAN FRANCISCO (Legal Newsline) - The allegations that brought to light questionable practices at Wells Fargo and Co. have prompted the international banking corporation to conduct its own internal investigation on the matter.

Deadlines pushed back in $30 million Wells Fargo settlement to avoid additional costs

By Jessica Karmasek | Oct 18, 2016

The settlement, reached over alleged violations of the federal Telephone Consumer Protection Act, was preliminarily approved by Judge Richard Story of the U.S. District Court for the Northern District of Georgia in August.

Wells Fargo shareholders file class action, allege bank execs ‘concealed’ source of record sales

By Jessica Karmasek | Sep 29, 2016

On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.

Wells Fargo to pay $16 million to settle TCPA class action

By Jessica Karmasek | Jul 18, 2016

The proposed class action, filed in a Georgia federal court last year, alleges the financial institution called the plaintiffs on their cell phones through the use of an automatic telephone dialing system without their permission in violation of the Telephone Consumer Protection Act.

CFPB charges former Wells Fargo employee with allegations of mortgage-fee shifting

By Mark Iandolo | Jun 7, 2016

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced that it took action against former Wells Fargo employee David Eghbali for an alleged illegal mortgage fee-shifting scheme.

Wells Fargo to pay $8 million to resolve allegations against predecessor Acordia

By Mark Iandolo | May 3, 2016

CHARLESTON, W.Va. (Legal Newsline) – Wells Fargo has agreed to an $8 million settlement over allegations that its predecessor, Acordia, violated the state’s Antitrust Act and its Consumer Credit and Protection Act.

U.S. SC rejects appeals filed by Wal-Mart, Wells Fargo over class action judgments

By Jessica Karmasek | Apr 5, 2016

The nation’s high court on Monday declined to review a more than $150 million judgment against Wal-Mart and a $203 million judgment against Wells Fargo. The court waited to make a decision in either case pending its action in Tyson Foods. Last month, the court majority ruled against the meat producer.

Tennessee woman alleges companies illegally tried to collect debt

By Robbie Hargett | Mar 28, 2016

NASHVILLE (Legal Newsline) - A Tennessee woman is suing a debt collector and a law firm, alleging they illegally tried to collect on a debt.

Wells Fargo faces a class action lawsuit for alleged fraudulent practices

By Hoang Tran | Oct 13, 2015

A California man is suing one of the world’s largest banks in relations to alleged fraudulent commercial lending practices.

Arkansas law firms that worked on class actions against mortgage lenders claim attorneys’ requests for fees are ‘outrageous’

By Jessica Karmasek | Sep 28, 2015

Both class action settlements -- Fladell et al. v. Wells Fargo Bank, N.A. et al. and Hall et al. v. Bank of America, N.A. et al. -- were reached in 2014. They involved lender-placed insurance, or LPI.

California alleges Wells Fargo impersonated account holders on company computers

By Shaun Zinck | Jun 12, 2015

The state of California is suing a major bank, alleging it used illegal tactics on customers to maintain a high level of sales.

Wells Fargo still trying to overturn certification in 14-year-old class action

By Legal News Line | Jun 11, 2015

EDWARDSVILLE, Ill. (Legal Newsline) - Wells Fargo is facing trial in an Illinois class action 14 years old and can’t gain appellate review on its own as it could in a case with shorter history.

Maryland real estate company, employees to pay state for kickback program

By Shaun Zinck | May 13, 2015

A real estate settlement company agreed to a settlement with the Maryland Attorney General's Office last week over allegations that its principals and mortgage loan officers engaged in a kickback scheme, said state Attorney General Brian Frosh.

Wells Fargo alleged to have 'enriched itself' instead of helping homeowners

By Shaun Zinck | May 1, 2015

A major bank faces a civil suit over allegations it used federal funds to enrich itself rather than help struggling homeowners modify their mortgages.

CFPB, Md. AG reach settlement with Wells Fargo and JPMorgan Chase

By Mark Payne | Jan 26, 2015

ANNAPOLIS (Legal Newsline) - Wells Fargo Bank and JPMorgan Chase Bank reached a settlement with Maryland Attorney General Brian Frosh on Thursday over allegations that they participated in a kickback scheme with Genuine Title, LLC.

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