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(CN) – The Seminole Tribe of Florida claims in court that Wells Fargo grossly mismanaged its money for years while charging the tribe millions in unwarranted fees. In a complaint filed in Broward County. Fla. on Jan. 12, the Seminole Tribe created a trust account with Wells Fargo’s predecessor in interest, Wachovia Bank, intent on using
MINNEAPOLIS (CN) – Wells Fargo is attempting to permanently “photo bomb” the new “U.S. Bank Stadium” being built for the NFL’s Minnesota Vikings by erecting signs on adjacent building that do not conform to an agreement between the bank and the stadium, the facility’s builder claims in court. In a complaint filed Tuesday in Hennepin County
SAN FRANCISCO (CN) – A federal judge Thursday said he does not believe Wells Fargo breached contracts or misled homebuyers, but he’s not sure he can deny borrowers class certification on that basis. Karen and Jeffrey Lucia et al. say Wells Fargo failed to offer permanent loan modifications to homeowners who participated in the federal
SAN FRANCISCO (CN) – Wells Fargo steered Oakland’s minority homebuyers into predatory loans that caused hundreds of foreclosures and millions of dollars in lost taxes, the city claims in Federal Court. Oakland claims Wells Fargo’s Fair Housing Act violations and unjust enrichment could have cost the city as much as $50 billion in reduced property
OAKLAND (CN) – A federal class action accuses Wells Fargo of deceptively charging customers for “solutions” to problems they never had, and services they never asked for. Lead plaintiff Shahriar Jabbari sued the bank Wednesday, claiming it encourages employees to use illegal, fraudulent, deceptive and abusive tactics to open fee-generating accounts by misrepresenting them or not
LOS ANGELES (CN) – Wells Fargo creates a high-pressure sales environment that drives employees to open unauthorized accounts and credits cards under customer names, according to Los Angeles prosecutors. Prosecutor Mike Feuer filed the lawsuit against Wells Fargo & Company and Wells Fargo Bank, N.A., in state court on Monday, alleging that the bank targeted customers
BAKERSFIELD, Calif. (CN) – Bank employees had a man arrested because he jokingly asked, “What do I have to do, plant a bomb in your bank?” to get money from his trust fund, the man claims in court. Dale Leroy St. Claire sued Wells Fargo Bank, branch manager Nima Farokhirad and employee Stephen P. Rodriguez, in
MINNEAPOLIS (CN) – Several class members in a pension fund mismanagement lawsuit against Wells Fargo were tossed out by a federal judge, who also refused to dismiss trial testimony from the bank’s expert witnesses. U.S. District Court Judge Donovan W. Frank granted the bank’s motion to dismiss sixteen plaintiffs who brought ERISA claims, after agreeing with
MANHATTAN (CN) – “Distracted by the demands of war,” Uncle Sam should be excused for its belated attempt to sue Wells Fargo for mortgage fraud, a federal judge ruled. Though Federal Housing Administration loan insurance requires strict underwriting criteria, including income verification, credit analysis and property appraisal, investigators said that Well Fargo and the other lenders
(CN) – Goldman Sachs and Wells Fargo ignored underwriting standards when selling or issuing mortgage-backed securities, a U.S. regulator claims in court. As liquidating agent of Southwest Corporate Federal Credit Union, the National Credit Union Administration Board filed separate actions in Manhattan Federal Court Tuesday, accusing the banks of violating state and federal securities law when
SAN FRANCISCO (CN) – Wells Fargo will face a limited appeals rehearing related to claims that it denies qualified homeowners permanent loan modifications, the 9th Circuit said Monday. Congress created the Home Affordable Modification Program, or HAMP, in 2009 under the umbrella of the Troubled Asset Relief Program, itself a byproduct of the 2008 financial crisis. Lawmakers
LOS ANGELES (CN) – Wells Fargo Bank makes its branch managers meet new-account quotas to keep their jobs, so they do it by forging customers’ signatures on applications, a depositor claims in court. David E. Douglas sued Wells Fargo Bank and three managers and assistant managers, in Superior Court. Defendants include Michelle Romanoff, assistant manager at
(CN) – A federal judge dismissed overlapping class claims alleging Wells Fargo ducked a settlement from an earlier case on “Pick-a-Payment” mortgage loans. Jennifer Murphy, Richard D’Alessio and Paul McDermed separately sued Wells Fargo Home Mortgage over alleged settlement breaches from the other case, In re: Wachovia Corp. “Pick-A-Payment” Mortgage Marketing and Sales Practices Litigation, assigned
(CN) – The 9th Circuit on Thursday reinstated two federal class actions accusing Wells Fargo of failing to offer permanent loan modifications to distressed homeowners who met the requirements of a trial period. The Home Affordable Modification Program, or HAMP, was created in 2009 under the umbrella of the Troubled Asset Relief Program, itself a byproduct
(CN) – Wells Fargo shareholders whose lawsuits spurred certain corporate governance reforms deserve only about a quarter of their demand for attorneys’ fees, a federal judge ruled. The separate, but otherwise “indistinguishable,” derivative class actions accused Wells Fargo and Wachovia of corporate mismanagement, breach of fiduciary duty, waste of corporate assets, indemnification and unjust enrichment. In Feuer
(CN) – A federal judge in San Francisco refused to dismiss a class action accusing Wells Fargo of charging homebuyers who go into default inflated fees and interest rates. In a lawsuit filed in February 2012, lead plaintiffs Latara Bias, Eric Breaux and Nan White-Price claimed Wells Fargo and J.P Morgan Chase marked up default-related fees
(CN)- The 9th Circuit dismissed claims that an ATM network and several banks conspired to fix the fees charged when cardholders withdraw cash from a machine not owned by their bank. The federal appeals panel in San Francisco found that the proposed class in California had no standing to sue the STAR Network, Bank of
HOUSTON (CN) – Wells Fargo Bank created “attractive havens for criminal activity” by not securing vacant apartments in its complex, and a woman was abducted at gunpoint and raped in an empty unit, she and her fiancé claim in court. Jane and John Doe sued Wells Fargo and its property manager, Devonshire Real Estate and
(CN) – More than 100 investors who claim that Wells Fargo Bank played fast and loose with money meant for safe, short-term investments can sue as a class, a federal judge ruled. The City of Farmington Hills Employees Retirement System, which is the lead plaintiff in the case, claims that they executed lending agreements with
(CN) – LaSalle Bank must face a lawsuit that claims it improperly researched the financial condition of mortgage-backed securities sold to Wells Fargo, a Chicago federal judge ruled. In 2006, LaSalle Bank originated two groups of commercial mortgage-backed securities. Each group was worth more than $400 million. It then sold the loans to an affiliate,
