Wells Fargo is facing a lawsuit claiming the bank overcharged credit card interest rates and fees for thousands of American soldiers and their families, according to a complaint filed recently in federal court.
The lawsuit claims Wells Fargo failed to follow the federal Truth in Lending Act, which requires lenders to disclose information about all charges and fees associated with a loan; and the Military Lending Act, a federal law that provides special protections for active duty service members.
A Wells Fargo spokesman said the company is committed to supporting all military servicemembers and providing the benefits and protections required by SCRA. “We are still reviewing the details of this complaint.”
Attorneys Paul Puryear Jr. of Raleigh and Knoll Lowney of Seattle represent the plaintiffs.
Legal matters continue for Wells Fargo
Wells Fargo has faced numerous sanctions since its 2016 fake accounts scandal, when it was discovered that hundreds of thousands of its workers opened millions of accounts for customers without their permission for over a decade to meet sales goal.
Wells Fargo reached a deal with federal authorities and agreed to pay a $3 billion settlement in February 2020, and later another $1 billion to shareholders in May 2023.
In December, former Wells Fargo CEO Tim Sloan sued the bank for more than $34 million for withholding pay after he retired in 2019 in the wake of the fake customer accounts scandal.
Wells Fargo also agreed to pay a $35 million civil penalty in September for overcharging more than 10,900 customers for advisory fees before 2014 through the end of December 2022.
Wells Fargo serves 69 million customers in 28 countries and operates in more than 5,500 locations. The financial services company employs over 247,000 people, with about 27,000 in Charlotte.
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Source: aol.com
