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Wells Fargo to pay $575 mill for violating PA consumer protection laws

1 min read

Wells Fargo Bank will pay $575 million to resolve claims that it violated state consumer protection laws, Attorney General Josh Shapiro announced Friday in a press release.

As a result of the settlement, the nation’s biggest bank will be forced to pay the customers who were harmed by its actions a sum of money that is confidential under the settlement’s terms and Pennsylvania $16.5 million, funds that will be remitted to the state’s treasury.

Wells Fargo will also have to make changes to its corporate behavior to “ensure that these types of abuses will not happen again,” according to the press release.

“With this settlement, we are holding Wells Fargo accountable and changing corporate conduct to protect consumers,” Shapiro said.

The bank violated state consumer protection laws by opening millions of accounts for customers without their knowledge, charging auto finance customers for insurance policies they didn’t want or need and charging mortgage customers over $100 million in unwarranted fees.

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