What’s Behind Wells Fargos Newest Fraud Scandal

This lawsuit isn’t looking too well for the scandal-ridden bank.

The first word that comes to mind when I hear Wells Fargo is “scandal”. It’s no secret that this golden stagecoach has made its way across lots of muddy pathways in its time, and it continues to do so today.

Just this past week, Wells Fargo & Co. has been hit with a class-action lawsuit accusing them of charging unnecessary inspection fees in a New Jersey District Court. This lawsuit comes 13 years after another class-action suit that accused Wells Fargo of the same racketeering activities in Iowa.

The Complaint:

In a complaint filed on August 5th, Wells Fargo was made aware of official class action litigation against them. Now, they must respond to the claims that they charged mortgage borrowers millions in unnecessary property inspection fees to increase profits.

The suit asserts that when mortgage owners were charged, inspection fees were “hidden” and labeled as “other charges” to avoid detection by mortgage owners. The suit is led by a mortgage owner named Jane Hart.

Hart says that she and other mortgage borrowers were subject to undue “difficult financial straits, putting their homes in jeopardy and, in some instances, resulting in bankruptcy,” at the hands…