Wells Fargo Avoids Escrow Mismanagement Class Action

Law360, New York (July 07, 2014, 1:43 PM ET) — A California federal judge dismissed a class action accusing Wells Fargo Bank NA of intentionally setting up escrow accounts so that consumers would incur large negative escrow balances, finding the claims are preempted by the Home Owners’ Loan Act.

U.S. District Judge M. James Lorenz on Thursday granted Wells Fargo’s motion to dismiss Michelle Hayes’ complaint alleging it violated California’s Unfair Competition Law and the Consumer Legal Remedies Act by failing to maintain plaintiffs’ escrow accounts and representing that the accounts have benefits they do not…

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