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Giddy up! Tough news cycle for Wells Fargo

Saturday, August 6, 2011

Two embarrassing stories for San Francisco-imagebased Wells Fargo today, which, if you’re working PR for the bank, is best-case scenario, since nobody much pays attention on Saturdays right?
  • Bloomberg News says the bank is being sued for allegedly ignoring federal rules on reverse mortgages and forcing homes into foreclosure without giving heirs a chance to buy them. No comment from Wells.
  • Meanwhile, Wells says it has reached a $590 million settlement in principle with plaintiffs who claimed that Wachovia, which Wells took over, misled investors, also via Bloomberg News.

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