Hagens Berman Sobol Shapiro Cases

Wells Fargo Homeowners

Date Filed: January 30, 2009

Court: U.S. District Court

Location: Arizona

Ticker Symbol: WFC

Arizona homeowners filed a class-action lawsuit against Wells Fargo, claiming the lending giant illegally rigged the appraisal process in a scheme to boost profits at the expense of homeowners.

The lawsuit, which seeks to represent all homeowners who purchased or refinanced their home through Wells Fargo and Rels Valuation, claims Wells Fargo forces homeowners to use its subsidiary for appraisals.

The lawsuit claims Rels Valuation subcontracts its appraisal work to a network of independent appraisers, but offers them below market rates for appraisals. The company then marks the cost of the appraisal back as high as $350 when invoicing homeowners.

Plaintiffs' claim the practice is damaging to homeowners who pay the inflated fee and results in tens of millions of dollars in additional profit for Wells Fargo for little to no work completed.

If you purchased or refinanced your home through Wells Fargo and Rels Valuation you can join this suit. You can also contact attorneys at wfc@hbsslaw.com or (206) 623-7292.