Wells Fargo to Pay $50 Million to Settle Mortgage Fees Suit

Wells Fargo & Co. agreed to pay $50 million to settle claims by homeowners that the lender illegally inflated fees it charged to appraise their homes when they fell behind on their mortgage payments (Bias v. Wells Fargo & Co., N.D. Cal., 12-cv-00664, 10/28/16).

The proposed settlement comes as the bank faces at least a dozen lawsuits by customers, investors and former employees for opening accounts without customers’ consent, which has also prompted an investigation by California prosecutors over whether bankers committed criminal identity theft. Wells Fargo was fined $185 million last month to resolve claims that employees ...