Wells Fargo Accused of Overcharging Tens of Thousands of Customers, Offering ‘Illusory and Wholly Inadequate’ Compensation for Damages

A Wells Fargo customer is accusing the third-largest US bank of overcharging consumers in a new proposed class-action lawsuit.

The suit, filed in California by Barbara Prado on behalf of herself and others similarly situated, alleges Wells Fargo “unilaterally” overcharged tens of thousands of customers on their mortgage loan accounts.

According to Prado, Wells Fargo failed to be transparent after realizing an “error” had occurred, sending cashier’s checks to affected customers to settle damages without explaining what happened.

Prado alleges Wells Fargo’s representatives are “unable or unwilling” to tell customers how much they were overcharged and how the amounts sent via cashier’s checks were determined, calling the bank’s actions “illusory and wholly inadequate.”

“Wells Fargo’s flippant attempt to mitigate its liability is inadequate and has left consumers, including Plaintiff, facing ongoing harm and out-of-pocket loss that has yet to be reimbursed.”

According to Prado, Wells Fargo is guilty of unjust enrichment and has violated the Unfair Competition Law of California.

Additionally, Prado alleges that Wells Fargo has violated California’s penal code by, among others, receiving property that was “obtained in a manner constituting theft” and also concealing, withholding or aiding in the concealment or withholding of stolen property.

 

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