Wells Fargo To Pay $40M To Resolve Overbilling Suit

Law360 (January 12, 2021, 5:24 PM EST) -- Wells Fargo Merchant Services LLC has agreed to pay up to $40 million in a settlement to end claims by small businesses that it overcharged them and hit them with early termination fees, according to a motion filed Tuesday.

The plaintiffs in the case, led by Patti's Pitas LLC and Queen City Tours, told the court they reached an agreement with Wells Fargo as they asked for a preliminary approval of the deal, which also includes changes to the financial company's practices that they say will save customers $50 million a year.

The 2017 complaint claims Wells Fargo Merchant Services misleads...

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