WASHINGTON --- A Wells Fargo official has acknowledged that he verified only the dates on as many as 150 foreclosure documents he signed daily.
The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in the documents was correct.
Ally Financial Inc.'s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co. have halted tens of thousands of foreclosures after similar practices became public.
Wells Fargo & Co. is confident that foreclosure documents involving the bank are accurate, and it has no plans to halt foreclosures, spokeswoman Vickee Adams said. She noted that the Washington homeowner's case was dismissed.
Verizon will pay out millions in refunds
NEW YORK --- Verizon Wireless could pay out as much as $90 million in refunds to cell phone customers who were improperly charged for inadvertent Web access or data usage over the past several years.
The FCC had asked Verizon last year about $1.99-a-megabyte data access fees that appeared on the bills of customers who didn't have data plans but who accidentally initiated data or Web access by pressing a button on their phones.
In a statement on its Web site Sunday, Verizon said most of the 15 million customers affected will receive credits of $2 to $6 on their October or November bills. Some will receive larger sums. Customers no longer with the carrier will get refund checks.
Verizon has said it has stopped charging such fees when a customer starts using a data service but quickly shuts it off.
Belk puts $70 million toward 'modern' logo
RALEIGH, N.C. --- Charlotte-based Belk is out to update its 122-year-old image.
The iconic Southern department store chain will spend about $70 million to change its logo to a more modern look and rebrand itself, The News & Observer of Raleigh reported Sunday. Belk last changed its script logo 43 years ago.
The new logo will be all lowercase letters. The first wave of about 60 stores to get the new signs will be in larger cities such as Atlanta; Birmingham, Ala.; Charlotte; and Raleigh.
The rest of the company's 300 stores will get the signs over the next year.