Wells Fargo has agreed to pay $575 million in a state consumer protection law case that affects all 50 states as well as the District of Columbia.

In 2016, news went viral about how Wells Fargo employees were opening millions of fake accounts in order to meet rigorous sales goals.

In the lawsuit, Wells Fargo was accused of:

• Opening millions of unauthorized accounts as well as enrolling its customers in services that they did not agree to nor have knowledge of
• They were charging their customers who were enrolled in auto loans for force-placed and unnecessary collateral protection policies
• They improperly referred their customers to third party renters or life insurance policies for enrollment
• They charged customers incorrectly for mortgage rate lock extension fees
• They failed to make certain that customers received refunds for their unearned premiums on optional auto finance products

As part of the settlement Wells Fargo is set to create a consumer restitution review program. The restitution programs assist consumer with obtaining reimbursement. If a consumer has not been reimbursed, they can seek review with a bank escalation team.

Earlier this year, Wells Fargo was still paying out a $142 million settlement to customers who held certain Wells Fargo credit cards, lines of credit, checking accounts, savings accounts, or identity theft protection services opened or applied for without their permission between the years of 2002 and 2017.

The Federal Reserve also issued a penalty to Wells Fargo, prohibiting the bank from growing their total assets to more than their end of 2017 year totals until WF can prove to the Federal Reserve that they have made the necessary reforms.

For more information about how to obtain a reimbursement from this and other settlements like it, send us a message.