On Friday, the 7th of June 2019, Wells Fargo & Co., world’s fourth largest lender by market capitalization headquartered in San Francisco, had issued an emailed statement saying that the US lender would be paying its customers as little as $386 million in order to settle class-action claims that the lender had signed its customers for auto-insurances, whether they want it or not when taking car loans.
An internal wells fargo report said the bank could owe consumers at least $80 million, although at least one analyst has said the lawsuits could end up costing Wells Fargo "multiples more" than that, according to Fortune.. The expense of the unnecessary auto insurance forced about 274,000 of the bank’s customers into delinquency and caused nearly 25,000 wrongful vehicle repossessions.
Wells Fargo Agrees to Settle Auto Insurance Suit for $386 Million Wells Fargo has reached a $386 million deal to settle a class-action lawsuit brought by customers who say the bank forced them to buy unnecessary auto insurance, putting to rest one of its many legal problems.
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Wells Fargo will pay at least $386 million to settle class-action claims by customers who said the bank signed them up for auto insurance they did not want or need when they took out car loans.
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Wells Fargo will reportedly pay customers a minimum of $386 million to settle class-action claims that the bank covertly signed customers up for auto insurance they did not want or need. Back in the summer of 2017, the bank found itself implicated in widespread auto insurance and mortgage lending abuses .
Wells Fargo & Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees.
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