Were you a victim of mortgage fraud or excessive charges by lenders during the housing collapse? Photo of legal document

According to the Associated Press, Wells Fargo & Co. has been ordered to pay $54.8 million in a class action lawsuit after a jury found that the mortgage fees imposed by two defunct services were excessive.

The trial took place in a Manhattan federal court. In its ruling, a jury found that now-defunct mortgage firms The Money Store and HomEq charged improper and unlawful late fees on borrowers. Wells Fargo acquired the firms in 2008, when it purchased Wachovia.

Wells Fargo said that it disagrees with the verdict and intends to appeal the decision.

As this case shows, class action lawsuits can be incredibly valuable when multiple people have been wronged by a business entity. This can occur through illegal acts (like forcing late fees on costumers), and/or misleading advertising and marketing efforts.

In these cases, because a single consumer may not have the abilities to sue the company individually, multiple plaintiffs may be able to bring a case representing the interest of all customers.

How Can I Speak to a Class Action Lawyer About a Dispute?

If you have questions concerning your legal interests when it comes to a business or service conflict, please contact Gary S. Graifman, Esq. of Kantrowitz, Goldhamer & Graifman, P.C. You can also send us an email or fill out the contact form on our website.

Our attorneys represent consumers in class action lawsuits against manufacturers, businesses and banks that have recklessly harmed the public. We hold these entities responsible for their misdeeds.

Kantrowitz, Goldhamer & Graifman, P.C. – Class Action Lawyers

Source: http://www.zacks.com/stock/news/158238/wells-fargo-faces-548m-payout-in-mortgage-fees-suit