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Wells Fargo Settles for $386 Million in Auto Insurance Suit – The Truth About Cars

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.

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.

Ford closed down 20 cents at $9.62 after the auto maker lowered its pricing forecasts for the full year, although it affirmed its full year earnings target of 70 cents per share. Rival GM closed down.

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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.

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. Over a year later, Wells Fargo was slapped with a $1 billion fine from the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency to settle U.S. investigations.

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 .

Since the EPA revealed a week ago that VW used software in its diesel-powered cars to cheat on emission tests, there have been 89 federal lawsuits filed against VW across the country. Most of those.

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Wells Fargo agrees to pay customers $386M over unwanted auto insurance June 10, 2019 admin Cars 0 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.