February 11, 2016 / 12:28 AM / 3 years ago

Wells Fargo settles mortgage kickback lawsuit for $16 million

Wells Fargo Bank has agreed to pay $16.2 million to resolve claims that it accepted kickbacks from a defunct Maryland title company as part of a scheme that allegedly raised real estate settlement costs for thousands of homeowners.

Filed in 2013, the lawsuit accused Wells Fargo and several other banks of receiving cash and free marketing services from Genuine Title in exchange for referring borrowers for title insurance and real estate closing services.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1ot698A

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