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Wells Fargo & Co. has agreed to refund up to $10 million in fees to eligible military veterans who refinanced their mortgages with the bank as part of a class action settlement. Eligible veterans who submit timely claim forms will receive $175 each from the Wells Fargo settlement.
The Wells Fargo military veteran settlement will resolve a class action lawsuit alleging the bank harmed veterans by charging improperly high fees when they refinanced their mortgages. The class action claims Wells Fargo “failed to exercise reasonable care” in assessing attorney fees according to Veterans Administration’s Interest Rate Reduction Refinancing Loan rules.
Veterans who refinanced their mortgages with Wells Fargo between January 20, 2004 and October 7, 2010 are eligible for the refunds. The bank said it would contact eligible veterans about the class action settlement by mail in about a month. Not all veterans who refinanced during the class period are covered by the settlement.
“Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed,” the co-president of Wells Fargo Home Mortgage said in an email statement. “We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them.”
Wells Fargo isn’t the only bank in hot water for overcharging military veterans. Earlier this week, J.P. Morgan Chase & Co. apologized for wrongly foreclosing on 18 military families and overcharging at least 4,500 active duty military families. Chase announced it would mail nearly $2 million to more than 4,000 military families that were overcharged and said it has already resolved 13 of the 14 foreclosures.
We’ll keep you posted when more information about the Wells Fargo veteran class action settlement becomes available.
Updated February 18th, 2010
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4 thoughts onWells Fargo Settles Military Veteran Class Action Lawsuit
I will never trust any Financial institution again in America, as the recession was just an open opportunity for them to take as they pleased from everyone who owed any money. Washington Mutual quickly sold my VA loan to Wells Fargo before recession and they screwed me bad. They all knew it was coming, so the only way to make up the wealth was to take homes, the nicer the home, the more attractive it was on their reports to take it. I am sure I will hear the truth on 60 minutes in twenty years when it is too late. If you can’t pay cash, don’t need it. Younger people with no credit, and no job time come out good as they bought up all the homes that was out there, them and investors, why us older people just got fleeced. Same time Government was getting many of us sick with Chemicals like TCE when we were in service, and of course VA never heard anything about in 45 years. Just the EPA Superfund sites. I guess Government don’t communicate with other Government.
Wells Fargo bank continued to rape my checking account paying for payday loans that were paid for charging my acct over and over again even after I closed the old acct and opened a new one
My husband’s house was wrongfully put into forclosure due to wells Fargo not applying the monthly payment to the mortgage. After giving them thousands of dollars to take it out of foreclosure, that money also was never allied to the loan…
I just refinanced my home, no payment due until april 2012, yet, i got a nastygram threatening me that I owed them money by today 21 feb, or they would charge me an additional 21 a month over then next 15 years for that almost 300 they claim I owe them when I personally paid for the unnecessary flood insurance out of my own pocket. where is that class action contact information. because I believe this is how they keep customers in debt even worse.