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Wells Fargo & Co has agreed to pay at least $386 million to customers who claim the bank signed them up for auto insurance they did not want or need when they took out car loans.
The proposed settlement, which will settle a class-action lawsuit, was filed with the US District Court in Santa Ana, California, and will require a judge's approval.
National - General - Insurance - Co - Underwriter
National General Insurance Co, an underwriter, will pay an additional $7.5 million, bringing the total customer payout at least $393.5 million, according to the filings.
The settlement covers Wells Fargo customers charged for 'collateral protection insurance' between October 15, 2005 and September 30, 2016.
Insurance - Scam - Bank - Employees
The insurance scam was one of several allegedly committed by the bank's employees in 2016.
Wells Fargo allegedly wrongly charged an estimated 600,000 auto loan borrowers for insurance.
Complaint - Wells - Fargo - Practices - Customers
According to a complaint, Wells Fargo's wrongful practices caused nearly 275,000 customers to become delinquent and nearly 25,000 vehicles to be illegally repossessed.
Workers also reportedly opened more than 3.5 million fraudulent deposit accounts and lines of credit without clients' knowledge to meet quotas and earn bonuses, reported Bloomberg.
Scandal - CEO - John - Stumpf
After the scandal broke, CEO John Stumpf and was...
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