Wells Fargo, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices, will pay a $1.7 billion fine to the CFPB. It is called, in polite society, the Wells Fargo Account Fraud Scandal, but it should be called for what it is: a crime. Learn How This Settlement Affects Your Rights and Get Answers to Your Questions About the Settlement. An Employee Benefits Security Administration investigation into Wells Fargo, Wells Fargo Bank, and the plans trustee GreatBanc Trust Co. found that the fund allegedly overpaid for company stock purchased for the plan from 2013 to 2018, the DOL said. The bank's $1.7 billion fine will go to the bureau's civil penalty fund, where it will be used to provide relief to victims of consumer financial law violations. This settlement resolves a class action against Wells Fargo Bank, NA, on the subject of Guaranteed Asset Protection or Guaranteed Auto Protection (GAP). get GAP offers extra protection beyond that provided by typical auto insurance policies in event of a total loss of the vehicle. Finally, in 2020, the taxman cometh to claimeth its shareth in bloodeth (that might not be correct olde English, but humor me). Under the terms of the order, Wells will pay $2 billion in redress to the over 16 million affected consumer accounts and pay a $1.7 billion fine, which will go to the bureaus Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations. We have provided remediation to eligible customers with policies opened between December 3, 2008 and November 30, 2016. All 401(k) Plan participants received all matching and profit-sharing contributions due to them, the company said. Class Period: February 27, 2003 to June 8, 2021, Final Approval Hearing: November 15, 2021. Thats because, over the course of 14 years, there have been reports that it used various, fraudulent practices to inflate its own self-worth at the expense of its customers.
Joah Brown Dress Dupe,
Livermore Landfill Fees,
Currys Carryout Pizza Wyoming, Il,
Danvers State Hospital Tunnels,
Articles H
