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Case ID: 4991 | Credit / Debt | 04/27/2007
Wells Fargo & Co. has settled a class-action lawsuit over lending practices at its Wells Fargo Financial Inc.'s mortgage unit, which focuses on the subprime market.
Under the terms of the settlement, which must be approved by the court, Wells Fargo Financial will earmark $2.4 million for plaintiffs who are more than 60 days late on loan payments. In addition, qualifying members of the class may receive cash payments under a formula that would disperse up to $4.4 million. The unit also commits to continue for three years several improvements it had already put into practice, which have further strengthened its nonprime real estate-secured lending practices, the bank said, and to implement other practices to benefit its customers. The Association of Community Organizations for Reform Now, or ACORN, had alleged in the lawsuit, filed in 2003, that Wells Fargo Financial failed to properly disclose points and prepayment penalties to borrowers, and inaccurately reported loan balances for some California customers to credit reporting agencies. San Francisco-based Wells Fargo is the fifth-largest U.S. bank by assets. The bank saw net income of $8.5 billion in 2006 on $35.7 billion in revenue. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest An anti-trust class-action lawsuit has been filed against Visa, Mastercard and several major U.S. banks on behalf of merchants, alleging the fixing of credit card fees. A class action has been filed against U.S. Bank and its Indiana collections attorney, Septtimous Taylor, by Indiana residents whose mortgage is held by U.S. Bank and who, at any time since October 10, 2001, were charged foreclosure fees and court costs although foreclosure actions had not been filed in court. Additionally, the action claims that Taylor violated the federal Fair Debt Collection Practices Act. The action seeks restitution and compensatory and statutory damages. A class action has been filed by West Virginia homeowners against banking giant Chase Manhattan alleging that the company has systematically preyed on unsophisticated consumers by enticing them into refinancing their homes with loans that are loaded with fees, have higher interest rates than represented and are not serviced appropriately, costing consumers thousands of dollars and possibly their homes. Brought on behalf of all West Virginia mortgage borrowers whose loans have been serviced by Chase at any time since October 9, 1999, the action seeks compensatory, statutory and punitive damages as well as injunctive and declaratory relief. A statewide class action has been filed in Missouri against Greensboro Home Equity, Inc. and Household Financial Services, Inc. The action is brought on behalf of all Missouri residents who borrowed money from Greensboro or Household where the promissory note contained a pre-payment penalty in excess of 2% of the loan value or which assessed any prepayment penalty more than five years after the closing date of the loan. The action is brought under Missouri consumer protection law and seeks compensatory, statutory and punitive damages as well as injunctive and declaratory relief. When a debt collection agency attempts to settle an unpaid debt with a consumer, it must take great care to be completely straightforward. The class has been certified in a class action against debt collection agency Allied Interstate, Inc. on behalf of all persons with Illinois addresses who, on or after February 10, 2002, have been sent a collections letter regarding an unpaid residential telephone service debt that offered to settle the debt at a 50% or greater discount by the agency, but contained a purported deadline for payment. A national class action has been filed in Florida against collection specialists, General Revenue Corporation. The action is brought on behalf of all U.S. residents who received alleged misleading "form" type collection letters from General Revenue. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. |
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