Wells Fargo Wants Suit Over $50M Home Loan Deal Junked

Law360, New York (April 15, 2013, 5:02 PM EDT) -- Wells Fargo Bank NA sought Friday to toss a proposed class action by homeowners accusing the bank of using unreliable appraisal methods in violation of a $50 million settlement over its Wachovia unit's so-called pick-a-payment home loans.

Wells Fargo said in a motion to dismiss the suit that its appraisal methods, including an automated model that the plaintiffs claim inflated home valuations, do not flout the terms of the settlement agreement with the plaintiffs.

In processing loan modifications, Wells Fargo has to use the market value...
To view the full article, register now.




Case Information

Case Title

D'Alessio et al v. Wells Fargo Home Mortgage et al

Case Number



California Northern

Nature of Suit

Contract: Other


Susan Illston

Date Filed

March 4, 2013

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.