Wells Fargo, Attorneys General Reach Settlement


Wells Fargo Bank has announced a settlement with all 50 state Attorneys General, along with the District of Columbia.

Wells Fargo says the settlement is regarding previously disclosed retail sales practices, auto collateral protection insurance, guaranteed asset/auto protection and mortgage interest rate lock matters.

John Hobot, who serves Wells Fargo’s Upper Midwest Region in Corporate Communications, tells WZFG News’ Chris Larson that Wells Fargo is “pleased to come to this agreement with the state Attorneys General.”

Hobot says the settlement “resolves a number of previously disclosed inquiries and underscores Wells Fargo’s serious commitment to making things right in regard to past issues as we work to build a better bank.”

According to the settlement document, North Dakota will be allocated more than one-point-two million dollars as part of the settlement; Minnesota will receive more than nine-point-three million dollars; and South Dakota will receive just over one-point-eight million dollars.