Nebraska to bank more than $5 million from Wells Fargo settlement

Wells Fargo CEO Tim Sloan

Wells Fargo CEO Tim Sloan

California, the bank's home state, will get more than a quarter of the settlement funds because of the number of Wells Fargo customers residing there.

That's when the bank admitted its employees opened as many as 3.5 million fake bank and credit card accounts without customers' knowledge. It has also said that it sold auto insurance and other financial products to customers who didn't need them. The bank was accused of forcing unwanted auto insurance on some customers who took out vehicle loans, enrolling more than 500,000 people in a bill-paying service they might not have sought, overcharging some mortgage customers and charging customers for life-insurance policies they did not purchase.

"Wells Fargo customers entrusted their bank with their livelihood, their dreams, and their savings for the future", said Becerra.

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Wells Fargo had already been ordered to pay more than $1.2bn in penalties and faced stricter regulations.

Finally, the states alleged that Wells Fargo improperly charged residential mortgage consumers for rate lock extension fees. However, if Wells Fargo caused the delay in closing the loan, its policy stated it would extend the rate lock period without charging the fee.

In May, Wells Fargo agreed to pay $480 million to settle a class-action securities fraud lawsuit brought by investors who alleged the bank made misstatements and omissions in its disclosures about sales practices.

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Wells Fargo will create and maintain a website for consumers to use to access the program and will provide periodic reports to the states about ongoing restitution efforts. Additional information on the redress review program, including Wells Fargo escalation phone numbers and the Wells Fargo dedicated website address for the program will be available on or before February 26, 2019.

The $17 million Wells Fargo payout to New Jersey is the sixth highest amount recovered among all jurisdictions participating in the multi-state settlement.

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