Wells Fargo News

Wells Fargo Agrees to Pay $2.09B to Settle U.S. Probe into Mortgage Sales Abuses

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced …

Wells Fargo Begins Refunds of Add-On Product Fees

Wells Fargo & Co. is issuing refunds for monthly fees it charged on so-called add-on products that customers may not have fully understood. “We are reviewing add-on products sold to consumers by the bank or its service providers and if …

Wells Fargo Sued by Navajo Nation for Alleged Predatory Tactics

The Navajo Nation announced that it’s suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe’s lawyer has been directed to …

Wells Fargo Facing Insurance License Discipline in California

Wells Fargo was served with an accusation by the California Department of Insurance seeking to suspend or revoke its licenses for alleged improper insurance sales practices related to the company’s online insurance referral program. Such practices resulted in insurance products …

California Bill Would Force Wells Fargo to Court Over Fake Accounts

The California Legislature backed a measure this week that could require Wells Fargo to go to court with consumers who say they were harmed by the bank’s fake account scandal. The legislation would prohibit the San Francisco-based bank in some …

California Commissioner Launches Investigation into Wells Fargo

California Commissioner Dave Jones has ordered an investigation into recent allegations that Wells Fargo and National General Insurance improperly charged consumers for “force-placed” auto insurance for consumers who had auto loans with Wells Fargo. Wells Fargo in a July 27 …

California Continues to Move Toward Letting Customers Sue Banks

California has taken another step on toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key …

Justice Department Sides with Whistleblowers Fired by Wells Fargo

The U.S. Justice Department filed a friend-of-the-court brief on Tuesday in a lawsuit brought against Wells Fargo & Co. by two former employees, who were fired after they reported misdemeanors they had noticed to their supervisors. The DOJ’s filing concluded …

California Lawmakers May Allow Consumers to Sue Banks Instead of Arbitration

California lawmakers are making headway on legislation to allow state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration. The state Senate passed the bill, spurred by last year’s Wells Fargo …

Pennsylvania Construction Worker Crushed by Safe Deposit Box

Authorities in suburban Philadelphia, Penn., say a construction worker was crushed to death by a safety deposit box. Cheltenham Township police say the incident happened at an old Wells Fargo in the Cheltenham Mall around 1 p.m. Monday. Officials say …