Wells Fargo Pays $3.2M To Exit Mortgage Late-Fee Claims

Law360, Washington (June 28, 2012, 12:20 PM EDT) -- Wells Fargo Bank NA agreed Wednesday to pay mortgage loan customers an additional $3.2 million to settle a putative class action in California federal court claiming the bank charged excessive late fees for mortgage payments.

Celeste Carducci sued Wells Fargo and Wachovia Bank NA in December 2010 alleging the banks accepted mortage payments from customers on the last “grace day” of their payment period but didn't post the transactions until at least one business day later and subsequently charged the customers late fees.

The suit alleges...
To view the full article, register now.