Miller joins 50 AGs in $575 million settlement with Wells Fargo

Source: Iowa AG Press Release

Link to tweet

.
DES MOINES — Iowa Attorney General Tom Miller announced Friday that Wells Fargo Bank N.A. will pay $575 million to resolve claims that the bank violated state consumer protection laws over several sales practices, including creating unauthorized accounts, and other actions that affected millions of customers. Iowa joined Arizona, Connecticut and Pennsylvania in leading the investigation into Wells Fargo’s practices.

The settlement with 50 states and the District of Columbia addresses allegations 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;

incorrectly charged customers for mortgage rate lock extension fees.

Read more: https://www.iowaattorneygeneral.gov/newsroom/wells-fargo-attorneys-general-iowa-unauthorized-accounts/

---

This is likely to be like mortgage crisis settlements.

Worth Jack chit