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Violation Tracker Individual Record

Company: Wells Fargo Bank N.A.
Current Parent Company: Wells Fargo
Penalty: $140,500,000
Year: 2014
Date: October 29, 2014
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: insurance violation
Mega-Scandal: Mortgage Abuses
Violation Description: Wells Fargo Bank and Assurant Inc. together agreed to pay $281 million to settle litigation alleging that Wells Fargo forced mortgage borrowers to purchase insurance coverage from Assurant whose cost was inflated by kickbacks. Court documents did not specify how much each company would pay. Here we assume they each paid half of the total.
Level of Government: federal
Action Type: private litigation
Court: Southern District of Florida
Civil or Criminal Case: civil
Case ID: 0:13cv60721
Case Name: Fladell et al v. Wells Fargo Bank, N.A. et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.