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Violation Tracker Individual Record

Company: Wells Fargo Bank, N.A.
Current Parent Company: Wells Fargo
Penalty: $45,000,000
Year: 2021
Date: November 16, 2021
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: Wells Fargo agreed to settle class action litigation by refunding guaranteed asset protection fees to customers who paid off their auto loans early. Plaintiffs lawyers estimated that the value of the settlement could be $500 million but court documents specify an amount--$45 million--only for a supplemental settlement fund.
Level of Government: federal
Action Type: private litigation
Court: Central District of California
Civil or Criminal Case: civil
Case ID: 8:18cv332
Case Name: Armando Herrera et al v. Wells Fargo Bank, N.A.
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)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.