NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a class action has been filed in the Northern District of California against Wells Fargo & Company, Wells Fargo Bank, N.A., and Wells Fargo Home Mortgage ("Wells Fargo" or the "Company") (NYSE: WFC) for allegedly forcing customers to pay for improper mortgage fees.
The complaint alleges that Wells Fargo has violated numerous state and federal consumer protection laws, including the U.S. Real Estate Settlement Procedures Act and the U.S. Truth in Lending Act and that: (1) the Company was systematically charging its customers a fee to extend the period that their offered mortgage interest rate was "locked in," even though it was Wells Fargo that caused the delays in the closing process; (2) Wells Fargo managers pressured employees give an excuse to blame the borrowers for the delays; and (3) consequently, the borrowers found themselves in the difficult position of paying these added fees or risk not closing on a home, or paying a higher rate.
In January 2017, ProPublica first revealed this alleged practice following which Wells Fargo reportedly hired a law firm to conduct an internal investigation and then fired several managers who were allegedly involved in this scheme. As of June 2017, the Consumer Financial Protection Bureau is also investigating the Company.
Customers who obtained mortgages through Wells Fargo and believe that you may have been improperly charged a fee to extend a lower interest rate by Wells Fargo and want to learn more can visit the firm's site at www.bgandg.com/wfch or contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.