Settlement Status
On November 20, 2019, the Court granted final approval of the Class Action Settlement, certifying a settlement class defined as:
All Wells Fargo Dealer Services (“WFDS”) Customers who had a CPI Policy placed on their Account(s) that became effective at any time between October 15, 2005 and September 30, 2016 and Wells Fargo Auto Finance (“WFAF”) Customers who had a CPI Policy placed on their Account(s) that became effective at any time between February 2, 2006 and September 1, 2011.
The settlement has been fully administered at this time.
Case Background
On July 31, 2017, Keller Rohrback L.L.P. filed a class action lawsuit against Wells Fargo alleging the bank victimized its customers by charging them for unwanted auto insurance that they did not need. In October 2017, the case was consolidated with other cases filed nationwide in an MDL (Multi-District Litigation) and transferred to the Central District of California.
Wells Fargo admitted that it placed unnecessary auto insurance on auto loan borrowers’ accounts, which reportedly resulted in hundreds of thousands of customers going into delinquency on their loans, and over 20,000 customers losing their vehicles to repossession.
The complaint, filed on behalf of Wells Fargo auto loan consumers nationwide, includes detailed allegations about Wells Fargo’s and National General Insurance Company’s illegal practices and the significant stress, hardship, and financial losses that they caused Wells Fargo’s customers.
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