NEW YORK, Dec. 21, 2014 /PRNewswire/ -- Seeger Weiss
LLP announced that on December 19, a
Manhattan federal jury returned a
$54.8 million damages award against
Wells Fargo & Co. in a class-action lawsuit alleging that late
fees charged by now-defunct mortgage lenders/servicers The Money
Store and HomEq were improper and unlawful. Seeger Weiss
partner Moshe Horn and counsel
Christopher M. Van de Kieft, along
with Paul Grobman of the Law Offices
of Paul Grobman, and Neal DeYoung and H.
Rajan Sharma of Sharma & DeYoung LLP, represented
homeowner Joseph Mazzei and a class
of borrowers. The Honorable John G. Koeltl, United States
District Judge for the Southern District of New York, presided over the trial, which
lasted ten days. Judge Koeltl had certified the class action
for trial in December 2012.
Plaintiff Mazzei alleged that The Money Store and HomEq
improperly charged late fees after the lenders had accelerated
homeowners' mortgage loans, so no further monthly payments were
actually due. Plaintiffs claimed that these late fees were
prohibited under the terms of the standard loan agreement, and also
violated state laws.
"The Money Store and HomEq charged improper late fees to
homeowners and borrowers struggling with default," said Mr. Horn
after the jury verdict. "We are very pleased that our client
and the homeowners he represented had their day in court, and that
the jury agreed that they had been seriously damaged by the
lenders' wrongdoing," added Mr. Horn. "The jury sent a strong
message to banks that they must abide by the agreements they make
and be transparent and honest in their dealings with borrowers,
particularly when those borrowers are trying their best to make
their mortgage payments and stay in their family homes."
Mr. Horn and Mr. Van de Kieft of
Seeger Weiss served as trial counsel in the case. Mr.
Grobman, Mr. DeYoung and Mr. Sharma represented the plaintiffs
throughout the pre-trial litigation, which lasted several
years.
Seeger Weiss LLP is one of the nation's leading trial law firms
handling complex individual, mass and class action litigation on
behalf of consumers, investors, injured persons and whistleblowers.
The firm, with offices in New
York, Philadelphia and
New Jersey, represents plaintiffs
throughout litigation and as trial counsel in a variety of practice
areas, including financial, securities and investment fraud,
pharmaceutical injury, consumer protection, qui tam/whistleblower
cases, environmental and asbestos exposures, personal injury and
medical malpractice, product defect, antitrust, and commercial
disputes. For more information, go to www.seegerweiss.com
Contact:
Moshe Horn, (212) 584-0700 or
mhorn@seegerweiss.com
Christopher A. Seeger, (212)
584-0700 or cseeger@seegerweiss.com
Stephen A. Weiss, (212) 584-0700 or
sweiss@seegerweiss.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/seeger-weiss-llp-wins-548-million-jury-verdict-against-wells-fargo--co-for-excessive-and-prohibited-mortgage-fees-300012878.html
SOURCE Seeger Weiss LLP