MN to Receive $9.3M from Wells Fargo in Settlement

29 December, 2018, 16:27 | Author: Sally Reid
  • Wells Fargo CEO Tim Sloan

The company already has paid hundreds of millions of dollars in settlements and fines, and fired scores of employees as part of the scandal.

In all, Wells Fargo agreed to pay $575 million to all 50 states.

More than $35 million of Arizona's cut will go into state accounts established to strengthen consumer protection efforts, with $2 million going to cover attorneys' fees and investigation costs. It has also said that it sold auto insurance and other financial products to customers who didn't need them.

California, Wells Fargo's home state, will get more than a quarter of the settlement funds because of the number of customers living there. "Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products - from bank accounts to insurance - that they never wanted".

Grewal announced today that New Jersey is among the states joining a settlement agreement with Wells Fargo Bank that resolves allegations the company engaged in a variety of sales, lending, and other improper business practices for more than a decade.

The attorney general's office stated that Wells Fargo entered into the settlement over alleged unfair and deceptive trade practices.

Kevin Spacey’s lawyers tried to poke holes in claims against him
Prosecutors declined to file charges over a 1992 allegation because the statute of limitations had run out. In October 2017, Spacey apologized for any inappropriate conduct with Rapp but has not commented since.

According to the states, Wells Fargo also failed to provide proper refunds to auto finance customers who had purchased Guaranteed Asset Protection insurance policies, created to address situations in which a car buyer/borrower ends up owing more than a vehicle's value.

More information on the redress review program, including Wells ‪Fargo‬ escalation phone numbers and the website address will be available on or ‪before February 26, 2019‬.

The agreement comes after NY reached a separate, $65 million settlement with Wells Fargo in October over the sham accounts, and after the bank paid $1 billion in April to settle federal charges related to its handling of mortgages and auto loans.

In April, two federal regulators fined the bank $1 billion for forcing customers into vehicle insurance and charging mortgage borrowers unfair fees.

Iowa will receive over $6 million as its share of the settlement.

Recommended:



Popular

Tottenham Hotspur manager Mauricio Pochettino slams Chelsea for disrespectful comments
But Pochettino said it is still premature to talk of Tottenham as title contenders. The same situation as Jan (Vertonghen)".

Russia Will Deploy New Hypersonic Missile Systems In 2019, Putin Says
A smiling Ivanov likened the weapon's flight through the atmosphere to a pebble skipping off the surface of water. It can carry conventional or nuclear weapons and maneuver past defenses, according to Russian officials.

Saudi king orders cabinet shakeup amid fallout over Khashoggi killing
Saudi King Salman issued a royal order on Thursday demanding a cabinet reshuffle, the Saudi Press Agency (SPA) reported. Turki Shabbaneh has been appointed as Minister of Media, while Hamad Al Sheikh was appointed Minister of Education.

Messi backs Barcelona teammate Dembele to join world's elite
Speaking of the snub, the Barcelona star said, "I heard the nominees for the Ballon d'Or and I knew I would not be in the fight". Messi however acknowledged that the Portuguese goal machine gave the reason to go the extra mile and bring out the best in him.

Brendan Rodgers delighted with youth progress at Celtic
Morelos is under contract until 2022 and last week Gerrard said his top scorer was " going nowhere ". We lost a lot of good players in the summer and it takes time for them to gel".

Trump Signing MAGA Hats in Iraq May Have Violated Defense Department Rule
Bush made four trips to Iraq and two to Afghanistan as president; President Barack Obama made four to Afghanistan and one to Iraq. The militant group, also known as ISIS , has lost almost all its territory in Iraq and Syria but is still seen as a threat.

Blizzard warning, more snow and wind expected
This year, Christmas Day had temperatures change little from the daytime high of 26 degrees to the overnight low of 22 degrees. Cloud. "The snow will end over the Southern Plains by Thursday evening and over the Northern/Central Plains by Friday evening".

Leicester vs. Manchester City live stream
Leicester are now ninth in the Premier League after notching up 25 points from their 18 league games so far this season. Liverpool's trip to the Etihad Stadium on January 3 is now a must-win encounter. "We have to try and find solutions".

Israel steps up attacks on Hezbollah in Damascus
Several senior members of the Lebanon militant group were injured as they boarded a plane for Iran, according to Newsweek . State television Al-Ekhbariya carried a breaking ticker saying air defenses had intercepted missiles.

Trent Alexander-Arnold’s early Christmas boost as Liverpool prepare for Newcastle
Earlier in the campaign Manchester City and Chelsea scored just twice against Newcastle , while Manchester United beat NUFC 3-2. Liverpool manager Jurgen Klopp received an injury boost ahead of the team's Boxing Day fixture against Newcastle .