Law360, New York (September 10, 2015, 4:42 PM EDT) -- Wells Fargo & Co. was hit with a putative breach of contract class action in California federal court Wednesday by a California man claiming the bank charges borrowers undisclosed, unreasonable or unnecessary fees in a scheme to maximize profits at the expense of customers.The bank allegedly conceals or misleadingly omits improper fees for commercial real estate loan services and created an entity called Real Estate Technical Services Group, or RETECH, to facilitate the scheme, named plaintiff Fred Gober said. By failing to disclose these fees and claiming they’re coming from third-party appraisers, the bank is incorrectly perceived as providing more... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
RETECH is facing a breach of contract class action in California by a resident alleging that the bank is charging borrowers undisclosed, unreasonable or unnecessary fees in its aim to increase its own profits at the expense of its customers.