Violation Tracker Individual Record

Company: 
Wells Fargo
Current Parent Company: 
Wells Fargo
Penalty: 
$23,700,000
Year: 
2010
Date: 
October 6, 2010
Primary Offense: 
consumer protection violation
Violation Description: 

Wells Fargo agreed to pay $23.7 million to settle a lawsuit filed by eight states alleging deceptive advertising and problematic lending practices by Wachovia and World Savings (both acquired by Wells Fargo) when offering an option ARM loan known as a Pick-a-Pay loan.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.