Wells Fargo Boosts Excess Legal-Costs Estimate to $1.7 Billion
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Wells Fargo & Co., the nation’s biggest home lender, raised its estimate of potential excess legal expenses by 42 percent to a maximum of $1.7 billion as the bank prepares for new costs tied to its mortgage practices.
The revised estimate as of March 31 was disclosed today in the San Francisco-based lender’s quarterly report to securities regulators. Wells Fargo had pegged the cost at $1.2 billion as of year-end.