Wells Fargo Wins Approval of $50 Million Accord Over Broker Fees

By Erik Larson and Laura J. Keller, Bloomberg News

Wells Fargo & Co. agreed to pay $50 million to settle a class-action lawsuit by almost 300,000 homeowners who claimed they paid inflated fees for a broker service required on delinquent mortgages at risk of foreclosure.

The deal won final approval on April 11 by U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, the law firm Baron & Budd said Monday in a statement. The homeowners will get about $120 each — more than double the fee markup they paid for so-called broker price opinions, the law firm said.

The settlement ...