Wells Fargo Pay Out Customers

Wells Fargo & Co will pay customers at least $386 million to settle class-action claims that the bank signed them up for auto insurance they did not want or need when they took out car loans. Reuters reports the proposed settlement was disclosed in filings on Thursday with the U.S. District Court in Santa Ana, California, and requires a judge’s approval. National General Insurance Co, an underwriter, will pay an additional $7.5 million, making the total customer payout at least $393.5 million, according to the filings. Wells Fargo denied wrongdoing but said it settled to avoid the risks, cost and distraction of litigation, and has set aside enough money for the payout.

http://feeds.reuters.com/~r/reuters/topNews/~3/gBMPMAeiX_w/wells-fargo-w...

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