Banking,
Securities
Feb. 8, 2023
Wells Fargo agrees to pay $300M to end securities lawsuit
The bank previously settled a consumer lawsuit involving hundreds of thousands of people who took out car loans from the bank and then charged for auto insurance they didn’t need.
Attorneys for shareholders announced a $300 million settlement Tuesday with Wells Fargo & Co. of a securities lawsuit over the bank’s alleged failure to disclose improper charges to consumers for unneeded insurance.
Wells Fargo denied any wrongdoing. “While we disagree with the allegations in this case, we are pleased to have resolved this legacy issue,” bank spokeswoman Laurie Kight wrote in an email Tuesday.
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