Wells Fargo Ducks 8th Circ. Racketeering Suit Over Appraisals

Law360, New York (April 12, 2012, 4:24 PM EDT) -- The Eighth Circuit on Thursday tossed racketeering and unfair competition allegations leveled against Wells Fargo Bank NA by a putative class of mortgage holders claiming the bank inflated home appraisal fees, ruling the homeowners had failed to back their claims with evidence.

The putative class, led by Grant and Lanie Gomez, a married couple from Scottsdale, Ariz., had accused Wells Fargo of conspiring with one of its affiliates, Rels Valuation, to unfairly jack up charges for appraisals on homes owned by Wells Fargo mortgage holders....
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