Source: https://oag.ca.gov/news/press-releases/attorney-general-becerra-recovers-1487-million-california-settlement-wells-fargo
Attorney General Becerra Recovers $148.7 Million For California In Settlement With Wells Fargo Over Deceiving Consumers
Summary:
SACRAMENTO – California Attorney General Xavier Becerra today joined a $575 million nationwide settlement with Wells Fargo, recovering $148.7 million for California, because of the bank’s systematic misconduct exploiting its own customers.
Wells Fargo has acknowledged opening millions of deposit, credit card, andother accounts, and conducting transfers of funds without customerauthorization over various periods from 2002 through 2017.
“Wells Fargo customers entrusted their bank with their livelihood, their dreams, and their savings for the future,” said Attorney General Becerra.
The settlement resolves multistate investigations into Wells Fargo’s repeated misconduct spanning more than a decade concerning its sales practices, mortgage rate-lock fees, and add-on products on auto loans.
Wells Fargo also enrolled some consumers in renter and life-insurance policiesthat the consumer never authorized.
Through this settlement, Wells Fargo will also create a consumer redress reviewprogram where consumers who have not been made whole through otherrestitution programs can seek review of their complaint by a bank escalationteam for possible relief.