Wells Fargo Settles Nonprime Lending Suit

Law360, New York (April 27, 2007, 12:00 AM EDT) -- The consumer finance arm of Wells Fargo & Co. has agreed to pay $2.4 million to settle a class action lawsuit filed over its nonprime mortgage lending practices.

The settlement, reached on Thursday, will require Wells Fargo Financial to implement new improvements to the lending program, and to continue recent changes for an additional three years.

The mortgage lender will also enact a relief program, creating a $2.4 million trust to provide relief for class members who have delinquent loans as a result of Wells Fargo’s...
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