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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
