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A black former bank teller at Wells Fargo claims in a federal class action that his short-lived promotion to manager was marked by discrimination and unequal pay.
A federal judge refused to dismiss a class action claiming Wells Fargo unlawfully turns down non-U.S. citizens for student loans.
In the aftermath of a $185 million settlement with the feds over the opening of unauthorized customer accounts, consumers hit Wells Fargo with another federal class action – this time on claims the bank charged over 800,000 borrowers for auto insurance they didn’t need.
A federal judge Thursday appeared skeptical of Wells Fargo’s claim that its board of directors was unaware of the scope of the phony accounts scandal that already has cost the bank more than $300 million in penalties for the misconduct.
Wells Fargo board members kept their jobs after a particularly raucous shareholder meeting on Tuesday, though the embattled bank’s problems are not yet over.
Wells Fargo will pay $142 million to settle class action claims that it secretly opened credit cards and unauthorized accounts in customers’ names going back to 2002.
Wells Fargo will pay $50 million to settle class action claims it profited off home buyers who went into default during the 2008 financial crisis by secretly charging them inflated mortgage fees.
The problems at Wells Fargo and its overly aggressive sales culture date back at least 15 years, and management had little interest in dealing with the issue until it spiraled out of control resulting in millions of accounts being opened fraudulently, according to an investigation by the company's board of directors.
Fired in the wake of Wells Fargo’s mortgage-kickback scandal, nine former staffers claim in court that the supervisors who instructed the illegal activity kept their jobs.
With U.S. discrimination against immigrants making world news Monday, noncitizen college students filed a federal class action against Wells Fargo bank, accusing it of refusing them student loans though they are legally in the United States.
Legal troubles are stacking up for Prudential Insurance, which now faces a federal class action, a whistleblower complaint and at least two state investigations connected to the scandal-ridden bank Wells Fargo.
An Ohio woman claims in a class-action lawsuit that Wells Fargo ignored borrowers who made written requests for specific information about their mortgage loans.
SACRAMENTO, Calif. (CN) — Citing “legal and ethical outrage” over Wells Fargo’s fake accounts scandal, California State Treasurer John Chiang said Wednesday that the Golden State will immediately suspend major aspects of its lucrative relationship with the beleaguered financial behemoth. Chiang, who oversees nearly $2 trillion in annual banking moves, issued lofty sanctions against Wells Fargo
SAN FRANCISCO (CN) — Wells Fargo’s $185-million settlement for opening millions of unauthorized accounts to meet aggressive sales goals fails to adequately compensate victims, bank customers say in a federal class action. Lead plaintiff Larry Veach, of Delaware, sued the San Francisco-based bank on Friday, saying the Sept. 8 consent decree the bank reached
LOS ANGELES (CN) — Former and present Wells Fargo employees in California filed a $2.6 billion class action against the bank, claiming they are the “biggest victims” of the bank’s policy of opening accounts without customers’ knowledge. On Sept. 8, the Consumer Financial Protection Bureau hit Wells Fargo Bank with a $100 million penalty for secretly
MANHATTAN (CN) – Prosecutors said Friday that Wells Fargo will pay $1.2 billion to settle claims of mortgage fraud related to government-insured loans, a penalty that represents a fraction of the lender’s profits. Wells Fargo Bank admitted that it told the U.S. Department of Housing and Urban Development (HUD) that certain residential home mortgage loans were
SAN FRANCISCO (CN) – A federal judge Thursday refused to dismiss Oakland’s lawsuit claiming Wells Fargo’s discriminatory lending spurred hundreds of foreclosures and cost the city millions in lost tax revenue. Oakland sued Wells Fargo in September 2015, claiming the nation’s third-largest bank targeted minority homeowners for predatory loans, causing at least 982 foreclosures and
LOS ANGELES (CN) – Wells Fargo Bank will pay $8.5 million to settle California’s consumer protection lawsuit accusing it of failing to tell customers it recorded their phone calls. District attorneys in Los Angeles and San Diego counties sued the bank in Superior Court on Feb. 22, claiming Wells Fargo did not “timely and adequately disclose
SAN FRANCISCO (CN) – Wells Fargo has blown billions of investor dollars by ignoring problems with bad loans that went into mortgage-backed securities, BlackRock and other huge financial services firms claim in state court. PIMCO, Prudential Insurance, TIAA-CREF, Group Alliance, Kore Advisors, Sealink Funding and DZ Bank joined BlackRock in class action filed Monday against Wells
PROVIDENCE, R.I. (CN) – Rhode Island fraudulently issued bonds to fund a now-bankrupt video gaming company owned by former baseball star Curt Schilling, the SEC claims in court. The SEC on Monday sued Rhode Island Commerce Corp. fka Rhode Island Economic Development Corp. (EDC) in Federal Court. It also sued, Wells Fargo Securities, Wells Fargo Vice
