Attorneys general for the 50 states and the District of Columbia announced a $575 million settlement Friday with Wells Fargo to resolve state consumer protection claims for unauthorized accounts and other alleged unfair trade practices.
Wells Fargo agreed to pay the settlement after the states said it violated laws by opening millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent. It also improperly referred customers for enrollment in third-party renters and life insurance policies, charged auto loan customers for forced-placed and unnecessary collateral protection insurance, and incorrectly charged customers for mortgage rate lock extension fees, among misdeeds, according to the states.
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