MN to Receive $9.3M from Wells Fargo in Settlement
29 December, 2018, 16:27 | Author: Sally Reid
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.
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.
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