AG: Kentucky to get $2.8 million in Wells Fargo settlement

FRANKFORT, Ky. (WTVQ) – The Kentucky Office of the Attorney General says the state will receive $2.8 million from a settlement with banking giant Wells Fargo over alleged unfair and deceptive trade practices.

It’s part of a $575 million multi-state settlement with all 50 states.

The settlement resolves claims that Wells Fargo violated consumer protection laws by having bank employees open millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent; improperly referring customers for enrollment in third-party renters and life insurance policies; improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance; failing to ensure customers received refunds of unearned premiums on certain optional auto finance products; and incorrectly charging customers for mortgage rate lock extension fees.

The state says the money will be placed into the General Fund for lawmakers to appropriate during the 2020 legislative budget session.

Categories: News, State News

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