Wells Fargo Settles for $386 Million in Auto Insurance Suit By Matt Posky on June 10, 2019 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.
Wells Fargo will pay at least $386 million to customers affected by one of its more prominent scandals, according to a Reuters report.
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W ells 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.. The proposed settlement was disclosed in filings last week in U.S. District Court in Santa Ana, Calif., and requires a judge’s approval.
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Wells Fargo & Co. said Tuesday it had net income of $6.2 billion, or $1.30 a share, in the second quarter, up from $5.2 billion, or 98 cents a share, in the year-earlier period. Revenue was.
"There’s no question that the rally in that sector can continue as long as investors’ sentiment remains positive," said Brian Rehling, co-head of global fixed income strategy at Wells Fargo Investment.
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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.
Wells Fargo & Co. customers accused the bank in a lawsuit of forcing them to pay for unnecessary auto insurance that drove some of them so far into a financial spiral that their vehicles were repossessed. The complaint comes after a year of hand-wringing and internal changes brought on by an earlier.
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Wells Fargo & Company and National General Insurance Company are two of the defendants in another proposed class action filed against them claiming the companies charged approximately 800,000 auto loan borrowers for auto insurance they did not need.