AG Curtis Hill announces $575 million settlement with Wells Fargo

Picture of justice

Picture of justice

This just in via email from Indiana Attorney General <atg@subscriptions.in.gov>:

Attorney General Curtis Hill today announced that Wells Fargo Bank N.A. will pay $575 million to resolve claims that the bank violated state consumer protection laws. As part of a settlement involving all 50 states and the District of Columbia, Indiana will receive $5.2 million.

Specifically, the settlement resolves claims that Wells Fargo:

  • opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent;
  • improperly referred customers for enrollment in third-party renters and life insurance policies;
  • improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance;
  • failed to ensure that customers received refunds of unearned premiums on certain optional auto finance products; and
  • incorrectly charged customers for mortgage rate lock extension fees.

“Such grossly unfair and deceptive trade practices as those demonstrated by Wells Fargo must never be allowed to stand,” Attorney General Hill said. “We must continue working tirelessly to hold companies accountable for engaging in blatant misconduct that harms consumers.”

Read the legal settlement document at https://content.govdelivery.com/attachments/INAG/2018/12/28/file_attachments/1129962/Wells%20Fargo%20–%20Final%20Executed%20Settlement%20Agreement%2012-28-18.pdf