Wells Fargo & Co will pay customers at least $386 million to settle class-action...
- Wells Fargo & Co will pay customers at least $386 million to settle class-action claims that the bank signed them up for auto insurance they did not want or need when they took out car loans.
National General Insurance Co, an underwriter, will pay an additional $7.5 million, making the total customer payout at least $393.5 million, according to the filings. “We will continue sending individualized letters to customers that clearly set out the remediation amount due to them, as well as a check for that amount,” it added.Wells Fargo is trying to rebuild trust after being beset since September 2016 by a series of scandals over how it treats customers, including by wrongly charging an estimated 600,000 auto loan borrowers for insurance. [nL2N1X51T4}
Thursday’s settlement covers Wells Fargo customers charged for “collateral protection insurance” between Oct. 15, 2005 and Sept. 30, 2016.
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