Wells Fargo awaits approval for $50m settlement over inflated fees scandal

2 November 2016

Wells Fargo will pay $50 million to settle a lawsuit centering on inflated fees the bank allegedly charged approximately 250,000 homeowners during the mortgage default process. The settlement is still awaiting approval by an Oakland court in the case, which alleges the bank padded appraisal fees for homeowners. According to USA Today, “The private lawsuit filed in 2012 suggested Wells Fargo (the third largest bank in Central Florida) overcharged these homeowners, assessing total fees of $95 to $125, according to the lawsuit. The actual cost for the appraisals is often $30 or less, according to the National Association of BPO Professionals, which is cited in the lawsuit.”

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