NEW YORK–(BUSINESS WIRE)–National trial firm Robins Kaplan LLP® has been court appointed as co-lead counsel on behalf of plaintiffs impacted by Wells Fargo’s acknowledged practice of wrongfully charging auto loan borrowers for unnecessary and duplicative auto insurance. A report by The New York Times uncovering the bank’s misconduct indicated that more than 800,000 customers were affected, and Wells Fargo has estimated that it will provide customers with at least $130 million in cash remediation and account adjustments.
“We are eager to vindicate the rights of borrowers who have endured financial harm, repossessions, and lasting credit damage as a result of Wells Fargo’s admitted scheme,” said Kellie Lerner, a partner with Robins Kaplan’s Antitrust and Trade Regulation group in New York, who is representing the plaintiffs.
SAN FRANCISCO (CN) — Wells Fargo on Thursday asked a federal judge to reject Oakland’s lawsuit claiming the bank’s racist lending practices cost the city millions in lost tax revenue.
“If a borrower got a bad loan, did they default because of that or because they lost their job?” Wells Fargo attorney Paul Hancock, of K and L Gates in Miami, asked during the Thursday hearing.
Oakland sued Wells Fargo in 2015, claiming the bank steered minority homebuyers into predatory loans that caused hundreds of foreclosures, lost tax revenue, and extra city spending to tackle blight and abandoned homes.
More former Wells Fargo employees allege they were fired after they tried to blow the whistle on shady activity at the bank.
That’s according to a new filing by Wells Fargo (WFC), which disclosed claims of “retaliation” by ex-employees.
Wells Fargo has been at the center of a number of scandals over the past year. This filing addresses two in particular — when the bank forced thousands of customers into car insurance they didn’t need, and when it wrongly charged homebuyers to lock in mortgage rates.
Workers whose jobs are among 460 to be eliminated at a Bethlehem Wells Fargocall center are alleging in federal documents that the company is shipping their work overseas.
Three call center employees, Lou Falcone, Morgan Weinhold and Karrissa Arevalo, this week filed a petition for Trade Adjustment Assistance with the U.S. Labor Department, seeking additional job training and re-employment assistance through the federal program that is designed to help workers who lose their jobs due to the impact of foreign trade.
The workers’ petition is listed online as under investigation until the Labor Department makes a determination to certify or deny the request.
In the filing, the workers base their request on “CEO affirmation on various media outlets” of jobs being shipped overseas, as well as foreign job postings in their call center. The workers do not have listed telephone numbers and could not be reached for comment.
(Reuters) – Wells Fargo & Co is facing litigation over previously disclosed sales problems related to its auto lending and mortgage businesses, the bank disclosed in a regulatory filing on Friday.
Nearly a decade after the financial crisis, Wells Fargo & Co. is getting stung by bad behavior in the housing bubble.
The company took a surprise $1 billion charge in the quarter for previously disclosed regulatory investigations into its pre-crisis mortgage activity, the third-largest U.S. lender said Friday in a statement. The expense pushed total costs to a record $14.4 billion.
(Reuters) – A federal judge said current and former Wells Fargo & Co officers and directors, including Chief Executive Officer Tim Sloan, must face nearly all of a lawsuit by shareholders seeking to hold them personally liable for sales abuses and the creations of millions of unauthorized accounts.
U.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts, and misled the public about fraudulent practices at the nation’s third-largest bank.