Wells Fargo agrees to $385M settlement for auto insurance scheme


Wells Fargo & Co. has agreed to pay at least $385 million to settle a lawsuit after saddling millions of customers with auto insurance that they neither needed nor wanted.

The lawsuit, initially filed in a California federal court in 2017, alleged that Wells Fargo purchased collateral protection insurance from National General Insurance Co. and then placed that insurance on borrowers' accounts. Wells Fargo charged interest each month on the insurance premium before applying payments to a customer's…

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