Plaintiffs v Wells Fargo
Wells Fargo Suit Gets Class Action in Los Angeles
A lawsuit filed on behalf of minority mortgagors against Wells Fargo will proceed as a class action case after a Los Angeles Superior Court judge certified it as such.
The suit alleges Wells Fargo discriminated against as many as 10,000 borrowers in minority communities by charging more for loans than borrowers paid in other parts of Los Angeles County. While Wells Fargo branches in some parts of the county were given access to a software product that allowed loan officers to provide discounts to customers, that same software, and in turn, the discounts, was not available to branches located in minority communities, according to a statement from the office of the law firm representing the class.
The plaintiffs are seeking $4,000 in damages for each of the loans allegedly affected. Mortgagors eligible to join the case must have obtained a first-lien mortgage for more than $150,000 from Wells Fargo Bank or Wells Fargo Home Mortgage branches in specific portions of Los Angeles County between May 2002 and December 2005.
Attorney Leila Noel, another partner at the firm, said Wells Fargo loan officers asked to use the discount software, but upper management would not allow it.
A class action is the appropriate means to bring this type of discriminatory practice to light, Cappello said. The majority of class members are not even aware that they paid or continue to pay extra for their home loans. And they never would have known if it werent for conscientious former Wells Fargo employees who decided to speak out.
For more information please contact:
Leila J. Noel
Cappello & Noel, LLP
831 State Street
Santa Barbara, CA 93101-3227
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