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Westlaw News

Major banks sued over interest charged on paid-off mortgages

Major U.S. banks have collected hundreds of millions of dollars in extra interest without giving required disclosures to homeowners who paid off their mortgages early, lawsuits filed on Thursday in Atlanta and Miami alleged.

The proposed class actions accuse Wells Fargo Bank, Bank of America, U.S. Bank and SunTrust Mortgage of breach of contract for failing to properly explain final interest charges assessed on loans insured by the Federal Housing Administration (FHA). SunTrust Mortgage is part of regional bank SunTrust Banks Inc.

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