September 13, 2017 / 11:03 PM / 10 months ago

9th Circuit revives lawsuit over Wells Fargo adjustable mortgages

A federal appeals court has revived part of a proposed class action accusing Wells Fargo of inflating interest charged on adjustable-rate mortgages by improperly changing the index used to calculate borrowers’ rates.

A unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals on Tuesday said a Seattle federal judge erred in finding that three of plaintiffs’ breach of contract claims were preempted by the federal Home Owners Loan Act (HOLA).

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