Wells Fargo Hit With Flood Insurance Class Action

Law360, New York (September 6, 2011, 2:55 PM EDT) -- Florida homeowners on Friday hit Wells Fargo Bank NA with a putative class action alleging that it forced them to buy excessive flood insurance in breach of their mortgage contracts and a state law barring deceptive business practices.

The named plaintiffs — Mary Sayago, Leonardo Sayago and Cynthia Lewis — who own homes in Tampa and have mortgages assigned to Wells Fargo, contend that the company coerces borrowers into purchasing food insurance insurance beyond federal requirements and what's required to protect its interest in the property....
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