State to receive $7.9 million in settlement with Wells Fargo

State to receive $7.9 million in settlement with Wells Fargo
Alabama will receive $7.9 million as part of a larger nationwide settlement with Wells Fargo Bank, Attorney General Steve Marshall announced on Friday.

MONTGOMERY, AL (WSFA) - Alabama will receive $7.9 million as part of a larger nationwide settlement with Wells Fargo Bank, Attorney General Steve Marshall announced on Friday.

The money will be used to pay attorneys' fees, and help fund consumer protection work carried out by the attorney general’s office. Alabama’s legal team played a lead role in negotiations with Wells Fargo, Marshall’s office said.

Alabama’s share was part of a $575 million settlement between the 50 states and District of Columbia and Wells Fargo N.A. to resolve claims that the bank violated consumer protection laws.

The deal resolves several claims against Wells Fargo, including that the bank opened millions of unauthorized accounts and enrolled customers into online banking services without their consent, improperly referred customers for enrollment in third-party life insurance policies, and improperly charged auto loan customers for some insurance products.

The deal calls for Wells Fargo to help consumers with outstanding complaints get relief.

Wells Fargo also has agreed to establish a website on or before Feb. 26, 2019, where consumers can find updates on restitution programs.

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