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Wells Fargo Reaches $575 Million Settlement With 50 States and D.C. Over Fake-Accounts and Other Consumer Scandals
Statement of Ed Mierzwinski, Travel Buddy Education Fund Senior Director for Federal Consumer Programs
“Well, well Wells Fargo. We commend all 50 states and District of Columbia for their joint action to hold Wells Fargo more accountable for its seemingly endless litany of alleged consumer law violations. Those range from opening more than 1 million fake consumer and small business accounts merely to meet sales quotas to over-charging at least 850,000 consumers for unnecessary auto insurance, resulting in at least 51,000 improper car repossessions. The state settlement will also require Wells Fargo to set up an outreach program so additional consumers who may not have known about or qualified for redress under previously-announced federal agency and private settlements can apply for compensation.
Only a combination of strong federal consumer laws and strong federal enforcers, buttressed by attorneys general enforcing strong state laws and private attorneys bringing actions on behalf of consumers, can hold powerful corporations accountable.”
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