Suit Against Wells Fargo

A class action lawsuit has been filed against Wells Fargo bank in Maryland on behalf of residents who recently refinanced their homes. The suit alleges that the bank charged some refinancing customers an unnecessary tax, and in turn passed that money onto the homeowners' county governments. Because of a misunderstanding in the bank's home mortgage unit, a tax exemption that should have been claimed for customers was paid in full. According to the plaintiff's attorney, "most of these people have no idea that they've overpaid these taxes," and now that the bank is aware that many of the customers were exempt from recordation taxes, the hundreds of thousands of dollars these customers were overcharged should be returned. The suit is alleging breach of contract, negligence, and violations of the Maryland Consumer Protection Act. This suit could spread to other states as investigations into the practice continue.

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