Hundreds of Wells Fargo Customers Lose Their Homes to Foreclosure Due to Bank’s Mistakes and Aggressive Actions

Hundreds of Wells Fargo Customers Lose Their Homes to Foreclosure Due to Bank’s Mistakes and Aggressive Actions

Homeowners’ homes foreclosed on after Wells Fargo’s software incorrectly denied available mortgage modifications

News sources have revealed that more than 600 Wells Fargo customers were incorrectly denied loan modifications under a federal assistance program set up by the Treasury Department in 2009, with 400 of the owners ultimately losing their homes to bank foreclosure. The bank claims the loan adjustment denials were the result of a “computer error.” [Read more…]

Wells Fargo Scandal Drives California to Block Mandatory Arbitration Clauses in Banking Contracts

data breach credit cards consumer fraud

In direct response to Wells Fargo’s vast false accounts fraud scheme affecting millions of bank customers, the California legislature has passed a bill “aimed at stopping banks from using arbitration clauses to shield themselves from lawsuits over sham accounts,” as reported by the Los Angeles Times. The California Assembly passed Senate Bill 33 earlier this week, and the California Senate quickly approved. The Bill’s fate now rests with Governor Brown. [Read more…]

Wells Fargo Accounts Fraud Scandal Hits New Heights

Wells Fargo Accounts Scandal Deepens

With financial experts and advisors calling it a “rogue bank,” Wells Fargo has announced an almost 70 percent increase in the number of fraudulent unauthorized accounts created by the bank in years-long effort to boost revenues through deceitful and illegal tactics aimed at Wells Fargo customers. The banking giant admitted its months-long research had uncovered 3.5 million false and unauthorized accounts created by its employees from 2009 through 2016, a rise of 1.4 million additional scam accounts opened at customer expense from the 2.1 million bogus accounts originally exposed that Wells Fargo had previously acknowledged.  [Read more…]

Wells Fargo Dealer Services Abusive Phone & Text Messaging Settlement Announced

Telephone Consumer Protection Act

Lieff Cabraser Heimann & Bernstein, LLP and Burke Law Offices, LLC Announce Proposed Settlement of Wells Fargo Dealer Services TCPA Litigation

A proposed settlement has been reached in a class action lawsuit against Wells Fargo Dealer Services, Inc., a division of Wells Fargo Bank, N.A. (“Wells Fargo”). The lawsuit alleges Wells Fargo violated the Telephone Consumer Protection Act (“TCPA”) by using an automatic telephone dialing system and/or an artificial or prerecorded voice to initiate calls or text messages to cell phones (“Automatic Calls”) in connection with automobile retail installment sale contracts without prior express consent. Wells Fargo denies the allegations, and the Court has not decided who is right. Instead, both sides agreed to a settlement. [Read more…]

Number of Unauthorized Wells Fargo Bank Accounts Significantly Larger Than Initially Reported

Unauthorized Wells Fargo Bank Accounts Significantly Larger Than Initially Reported

Court documents included as part of an imminent class action settlement with Wells Fargo Bank indicate that the banking giant created 1.4 million more phony bank and credit card accounts than it had previously reported. As Law360 notes, “The San Francisco-based bank and a class of account holders estimate that between 2002 and 2017 Wells Fargo employees allegedly opened approximately 3.5 million unauthorized accounts, replacing the previous 2.1 million estimate.”
[Read more…]

City of Philadelphia Files Lawsuit Against Wells Fargo for Discriminatory Lending

High-cost mortgage loans

Lawsuit Alleges the Bank Targeted Minority Borrowers with High-Cost Loans

The City of Philadelphia has filed a federal lawsuit against Wells Fargo in the United States District Court for the Eastern District of Pennsylvania claiming that Wells Fargo has engaged in discriminatory lending practices that target minority borrowers. The Complaint alleges that commencing in 2004 and continuing through the present, Wells Fargo violated the federal Fair Housing Act (“FHA”) by steering African-American and Latino borrowers towards high-cost or high-risk loans even where those borrowers’ credit permitted them to obtain more advantageous loans. [Read more…]

Class Counsel Announce Proposed Settlement of Wells Fargo Student Loan TCPA Litigation

TCPA Settlement Announced Against Wells Fargo

A proposed settlement has been reached in a class action lawsuit against Wells Fargo Bank, N.A. (“Wells Fargo”). The lawsuit alleges Wells Fargo violated the Telephone Consumer Protection Act (“TCPA”) by using an automatic telephone dialing system and/or an artificial or prerecorded voice to initiate calls to cell phones (“Automatic Calls”) in connection with student loans, without prior express consent. Wells Fargo denies the allegations, and the Court has not decided who is right. Instead, both sides agreed to a settlement. [Read more…]

Wells Fargo Seeking to Force Defrauded Customers into Arbitration in Attempt to Sidestep Lawsuits over False Accounts Scandal

Wells Fargo Seeking to Force Defrauded Customers into Arbitration in Attempt to Sidestep Lawsuits over False Accounts Scandal

Banking giant Wells Fargo is attempting to sidestep a multitude of fraud lawsuits by forcing banking customers instead into private arbitration. Under the bank’s widely-reported false accounts scandal, some two million sham accounts were opened under customers’ names without their knowledge or consent. As noted by the New York Times, “This is not the first time Wells Fargo has been accused of trying to use arbitration to its advantage.” [Read more…]

Wells Fargo Loses Arbitration Bid Over Deceptive Overdraft Fees

Wells Fargo Loses Arbitration Big Over Deceptive Overdraft Fees

Mega-bank Wells Fargo has lost a bid to force multidistrict class action over overdraft fee abuse claims into arbitration. The San Francisco-based bank is dealing with numerous lawsuits accusing it of manipulating debit card purchases to maximize overdraft fee revenue in violation of consumer protection laws. Law360 has reported that “the bank has moved to compel arbitration several times with regard to two cases that originated in Florida and California.” [Read more…]

Claims Period Opens for Recipients of Unconsented Wells Fargo Loan-Related Texts and Calls

Bank Misconduct

If you received a call or non-emergency text from Wells Fargo on your cellular telephone, in connection with either a residential mortgage loan and/or a home equity loan, you could receive a payment from a class action settlement

SAN FRANCISCO, Sept. 23, 2016 /PRNewswire/ — The following statement is being issued by Lieff Cabraser Heimann & Bernstein regarding Markos v. Wells Fargo Bank, N.A. A lawsuit is currently pending claiming that Wells Fargo Bank, N.A., (“Defendant” or “Wells Fargo”), violated the Telephone Consumer Protection Act by calling, or sending non-emergency texts to, cellphones without prior express consent. [Read more…]