US Bank Settled Class Action Lawsuit
The fifth largest bank in the United States, Wells Fargo & Co., has settled a class action lawsuit that was filed against it in relation to its practices involving sub-prime lending. The settlement means that the bank will have to pay up to $6.8 million in order to settle the lawsuit, which relates to its sub-prime lending practices in the California area.According to a lawyer for the plaintiffs, the bank had failed to inform borrowers about prepayment penalties and various other points, and had also provided inaccurate information to credit reporting agencies with regards to the balances of some of these lenders.
The lawsuit was originally filed in 2003, but the class actually includes many people that took out mortgage loans from the lender between 1999 and 2005. The bank is one of the largest sub-prime lenders within the United States, and has been accused of taking advantage of consumers with weaker credit histories.
The settlement figures includes nearly two and a half million dollars that will be used to provide relief to those in the class action who are over sixty days late on their loan payments, and the remainder will be used to make cash payments to those in the class action that submit claims.
Topic Added April 27th, 2007
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