WFC

Wells Fargo countersues USAA over patent infringement claims
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Wells Fargo Bank has countersued USAA over its allegations that the San Francisco-based bank infringed on patents the San Antonio financial service company holds on technology that allows users to deposit checks using mobile devices. In its lawsuit filed Tuesday, Wells Fargo wants a federal court in Marshall in East Texas to rule that Wells Fargo doesn’t infringe on any of the USAA’s asserted patents. The suit also asks that the patents in question be declared invalid. (San Antonio Express-News)
 
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Wells Fargo lays off more than 600 mortgage employees
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Wells Fargo & Co. is cutting 638 mortgage employees as the nation’s largest home lender contends with a slowdown in the business. As interest rates rise, Wells Fargo is contending with the end of a refinancing boom that helped push profits to a record. In the second quarter, mortgage fees declined by a third to the lowest in more than five years. Chief Executive Officer Tim Sloan warned investors of “overcapacity” in home loans at a May conference. (Denver Post)
 
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Wells Fargo says its error cost hundreds more people their homes than first thought
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In a new disclosure, San Francisco-based Wells said an expanded review found that about 870 customers were incorrectly denied or not offered loan modifications or repayment plans that would have made their mortgages more affordable. As a result, about 545 of those customers lost their homes to foreclosure, Wells said in a securities filing. A spokesman for the bank, which has a large presence in Charlotte, said the company apologizes for the mistake. (Spokesman-Review)
 
dealmaker said:
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Wells Fargo says its error cost hundreds more people their homes than first thought
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In a new disclosure, San Francisco-based Wells said an expanded review found that about 870 customers were incorrectly denied or not offered loan modifications or repayment plans that would have made their mortgages more affordable. As a result, about 545 of those customers lost their homes to foreclosure, Wells said in a securities filing. A spokesman for the bank, which has a large presence in Charlotte, said the company apologizes for the mistake. (Spokesman-Review)
More...
Talk is cheap. Did they say how they are going to fixed their mistakes?
 
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Judge signs off on $480M settlement with Wells Fargo shareholders
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A federal judge in San Francisco has given final approval to a $480 million deal that settles a shareholder class-action suit against Wells Fargo over the bank’s unauthorized accounts scandal. The deal, reached in May and given preliminary approval in September, would compensate Wells Fargo shareholders for losses they incurred after the bank’s 2016 admission that employees might have created millions of unauthorized accounts. (Spokesman-Review)
 
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