Wells Fargo & Co. on Friday agreed to refund up to $10 million of mortgage fees to eligible military veterans who refinanced their residential loans with the bank or its affiliates.
The settlement means veterans who are a party to the case can receive up to $175 each.
According to a report by Dow Jones, Wells made the settlement in connection with a class-action lawsuit filed in the State Court of Troup County, Ga., alleging the bank harmed veterans through improperly high fees.
The suit accused the lender of failing "to exercise reasonable care" in assessing attorney fees according to Veterans Administration's Interest Rate Reduction Refinancing Loan rules.
Veterans who refinanced with Wells Fargo between Jan. 20, 2004, and Oct. 7, 2010, are eligible for the refunds. According to figures compiled by National Mortgage News, Wells is the nation's largest residential lender.
