Haeggquist & Eck, LLP Announces Investigation of Potential Corporate Misconduct at Wells Fargo & Company Concerning Alleged I...
September 13 2017 - 9:01AM
Business Wire
Haeggquist & Eck, LLP a shareholder rights litigation firm,
announces an investigation of potential corporate misconduct at
Wells Fargo & Company (the “Company” or “Wells Fargo”) (NYSE:
WFC) in connection with a purported practice whereby customers were
required to obtain unneeded and/or unwanted auto insurance
policies, often referred to as “collateral protection insurance”
(“CPI”). According to recent reports, the Company’s customers were
required to pay for auto insurance through Wells Fargo and/or its
third-party service providers when initiating an auto loan, even if
the customer already had auto insurance provided through another
carrier.
On July 27, 2017, Wells Fargo announced that a review
purportedly revealed that approximately 490,000 borrowers had CPI
placed when they already had adequate voluntary insurance,
approximately 60,000 borrowers did not receive the disclosures
required by law prior to the placement of CPI, and approximately
20,000 borrowers suffered a car repossession after the wrongful CPI
charges contributed to a default on their car loan. Wells Fargo
said it would pay approximately $80 million to these borrowers, in
cash and account adjustments, to cover the costs of the premiums
and some fees, and, for those who suffered repossession, the
partial value of the car.
Proposed class actions by consumers have already been filed
against the Company related to these alleged practices. Certain of
these actions name, as additional corporate defendants, Wells Fargo
Bank, N.A., Wells Fargo Dealer Services, Inc., Balboa Insurance
Company, and National General Insurance Company.
Wells Fargo Shareholders and Consumers Have Legal
Options
Concerned Wells Fargo shareholders and consumers who would like
more information about remedies from the alleged misconduct
surrounding the above described conduct may contact attorneys Amber
Eck or Kathleen Herkenhoff at 619-342-8000, ambere@haelaw.com or
kathleenh@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights and consumer protection law. The firm represents
individual investors in shareholder derivative lawsuits, and
members of the firm have helped shareholders recover more than $1
billion of value for themselves and the companies in which they
have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170913005250/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Sep 2023 to Sep 2024