Wells Fargo Pays $575MM to Settle Claims Over Retail Practices

January 2, 2019

Wells Fargo agreed to pay $575 million to settle civil claims with all 50 state Attorneys General and the District of Columbia over its previous problematic retail sales practices, auto collateral protection insurance and guaranteed asset/auto protection and mortgage interest rate lock matters.

The company has been engaged with its federal regulators to address these issues and will remediate affected customers.

“This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” said Tim Sloan, Wells Fargo president and CEO.

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