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BUSINESS
February 13, 2013 | By E. Scott Reckard
A government lawsuit accusing No. 1 home lender Wells Fargo & Co. of defrauding a federal mortgage-insurance program is shaping up as a knock-down battle between the San Francisco bank and the U.S. Justice Department. Wells Fargo lost a round Monday, when U.S. District Judge Rosemary Collyer in Washington refused the bank's request to dismiss the federal action. But the bank, which has vehemently denied wrongdoing, said Tuesday it might appeal Collyer's ruling and would continue to press its counter-claims against the lawsuit in New York.
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BUSINESS
April 10, 2012 | By Alejandro Lazo, Los Angeles Times
A nonprofit group has filed a bias complaint against Wells Fargo & Co. accusing the lender of doing inferior maintenance on the foreclosed homes it owns in what the nonprofit calls Latino and black neighborhoods compared with those it owns in white areas. The complaint by the National Fair Housing Alliance to the U.S. Department of Housing and Urban Development comes after the group released a report last week concluding that in nine big American cities, foreclosed homes were taken much better care of in what it calls white neighborhoods than in those with residents of color.
BUSINESS
April 29, 2010 | By E. Scott Reckard, Los Angeles Times
More than a year after taking over Wachovia Corp. during the worst of the financial crisis, Wells Fargo & Co. has finally put its name on 87 Wachovia branches in California. The switchover took place last weekend. At the same time, the rest of Wachovia's 187 California branches were merged into nearby locations owned by Wells. The company also closed 18 Wells offices as part of the integration. The Wachovia locations, originally offices of Oakland-based World Savings, were generally smaller and less prominent than Wells Fargo branches.
BUSINESS
November 20, 2009 | By Walter Hamilton
Who deserves credit for forcing Wells Fargo & Co. to buy $1.4 billion in troubled securities from small investors? California Atty. Gen. Jerry Brown and a group of regulators from other states announced separate settlements Wednesday requiring Wells to repurchase so-called auction-rate securities that had been frozen in the credit crunch since early last year. About half of the money is to go to California residents. But the attorney general's office and the regulators group got into a spat over who was responsible for the outcome, with each saying it led the way. Brown's office said it reached a pact with Wells a day before the North American Securities Administrators Assn.
BUSINESS
December 5, 2012 | By E. Scott Reckard, Los Angeles Times
Federal regulators have accused a Wells Fargo investment banker of passing tips about pending mergers to nine others in an insider-trading ring. A federal civil lawsuit filed Wednesday by the Securities and Exchange Commission said John Femenia and his nine associates, also named as defendants, made more than $11 million by trading on the non-public information. The SEC obtained a court order freezing the assets of the defendants and two companies associated with them, according to William P. Hicks, the associate director for enforcement at the SEC in Atlanta.
BUSINESS
August 2, 2007 | From Times Wire Services
Wells Fargo & Co. is seeking to limit its exposure to mortgages that typically don't require borrowers to fully document their incomes. The bank told mortgage brokers Tuesday that it was making "day-to-day decisions" whether to acquire from them so-called alt-A mortgages. Wells Fargo cited a growing reluctance of investors to buy such loans from the bank. Because they aren't subject to the usual income verification process, some alt-A borrowers are believed to have grossly exaggerated their pay.
BUSINESS
October 15, 2008 | From Times Wire Services
Wells Fargo & Co. asked a federal judge to rule that a letter agreement between Wachovia Corp. and Citigroup Inc. was invalid and that it wouldn't be liable for damages in a lawsuit over its acquisition of Wachovia. Wells Fargo, which agreed to buy Wachovia after topping a Citigroup bid this month, filed a request for a declaratory judgment in Manhattan federal court as part of a new lawsuit against Citigroup. Wells Fargo said it was concerned that Citigroup might sue the San Francisco-based company for interfering with an aborted Wachovia-Citigroup merger.
BUSINESS
April 22, 2000 | Bloomberg News
Wells Fargo & Co. said it will sell 11 remittance processing sites to Regulus Group, cutting 449 jobs in 10 states, not including California. Terms of the sale weren't disclosed. Philadelphia-based Regulus, which manages all forms of customer payment transactions, will be responsible for facilities, equipment, employees and other assets. Wells Fargo will control other services, such as check clearing. The companies will share revenue and plans for product development.
BUSINESS
May 2, 2008 | From Times Wire Services
Wells Fargo & Co., the biggest bank on the West Coast, acquired Flatiron Credit Co. on Thursday as part of a plan to boost insurance-related revenue. Flatiron, based in Denver, finances insurance premiums, helping customers pay for coverage over time. Terms weren't disclosed. Wells Fargo, based in San Francisco, is adding to an insurance business in which growth outpaces the bank's total sales. Chief Executive John Stumpf told investors this week that insurance was a "big growth" area and said the bank planned to make acquisitions and add products to the unit.
BUSINESS
January 24, 2001 | Bloomberg News
* Wells Fargo & Co. said Chairman Paul Hazen will retire in April, ending a 31-year banking career. Chief Executive Richard Kovacevich will add the title to his position. Hazen, 59, became the bank's chairman after Kovacevich's Minneapolis-based Norwest Corp. bought the old Wells Fargo in November 1998, taking its name and moving its headquarters to San Francisco. Hazen plans to retire after the board meets April 24.
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