Maryland Attorney General News Releases Update

Attorney General Frosh Announces $575 Million Settlement with Wells Fargo

Agreement Resolves State Consumer Protection Claims for Alleged Unfair and Deceptive Trade Practices for 50 States and the District of Columbia

BALTIMORE, MD (December 28, 2018) – Maryland Attorney General Brian E. Frosh today announced a multistate settlement with Wells Fargo Bank N.A. (Wells Fargo) resolving claims that the bank violated state consumer protection laws by:

1)    Opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent;

2)    Improperly referring customers for enrollment in third-party renters and life insurance policies;

3)    Improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance;

4)    Failing to ensure that customers received refunds of unearned premiums on certain optional auto finance products; and

5)    Incorrectly charging customers for mortgage rate lock extension fees.

“Wells Fargo cheated its customers. It mislead them. It created phony accounts. It charged illegal fees,” said Attorney General Frosh. “Wells Fargo’s outrageous conduct requires punishment, and today we hold them accountable.”

Read more in the full press release: http://www.marylandattorneygeneral.gov/press/2018/122818.pdf