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ARTICLE ID 194451

$________ Class action – Contract – Mortgage – Wells Fargo found liable for mortgage fee improprieties – Breach of contract

U.S.D.C., S NY

In this action, a class of plaintiffs accused a large bank of improper charges on mortgages. The matter was resolved through a jury verdict after the defendant denied the accusation.

The plaintiff, Joseph M., was a homeowner with a mortgage held by now-defunct mortgage lenders/servicers, The Money Store and HomEq, two companies of the defendant, Wells Fargo & Co. The plaintiff alleged that The Money Store and HomEq improperly charged late fees after the lenders had accelerated homeowners’ mortgage loans, so no further monthly payments were actually due. The plaintiff, and subsequently, the class, asserted that these late fees were prohibited under the terms of the standard loan agreement.

The plaintiff filed suit in the U.S. District Court for the Southern District of New York, accusing the defendants, The Money Store, HomEq, and Wells Fargo & Co., of breach of contract. In December ________, Judge Koeltl certified the class action to encompass those likewise affected. The defendants denied the accusation.After ten days of trial, the jury returned a finding for the plaintiff, and awarded the late fee class $________ in damages.

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