Contracts
Dec. 20, 2024
Wells Fargo earned 'billions' on fees before refunds, lawsuit says
A federal judge allowed to proceed a putative class action against Wells Fargo that claims it earned "billions" in profits from interest on wrongly collected mortgage fees.
A federal judge in Oakland declined to dismiss all the claims from a putative class action against Wells Fargo & Co. by borrowers who say they are seeking the return of "billions" of dollars in allegedly improper fees they paid with their mortgages. They also argued that even in cases where the fees were refunded, the bank earned profits on the amounts for years.
In his order, published Wednesday, U.S. District Judge Haywood Gilliam Jr. dismissed only the lead plaint...
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