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Wells Fargo to pay $575M in 50-state settlement

Jaclyn Jaeger | December 28, 2018

Wells Fargo on Friday announced it will pay a total of $575 million to resolve civil claims with all 50 state Attorneys General and the District of Columbia that the bank violated state consumer protection laws.

Specifically, Wells Fargo Bank violated state consumer protection laws by: (1) opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent, (2) improperly referring customers for enrollment in third-party renters and life insurance policies, (3) improperly force-placing and charging more than 850,000 auto finance customers for unnecessary and duplicative insurance policies, (4) failing to ensure that customers received refunds of unearned premiums on certain optional auto finance products, and (5) incorrectly charging customers for mortgage rate lock extension fees.

“Wells Fargo is paying over half a billion dollars to the states because of conduct that caused widespread harm on a national...

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