Wells Fargo agrees to $385M settlement for auto insurance scheme – Charlotte Business Journal

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Wells Fargo & Co said on Tuesday it agreed to sell its commercial insurance business to private insurer USI Insurance Services, as the third-largest U.S. bank plans to focus on core banking.

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Wells Fargo agrees to $385M settlement for auto insurance scheme – Charlotte Business Journal Wells Fargo & Company and National General Insurance Company are two of the defendants in another proposed class action filed against them claiming the companies charged approximately 800,000 auto loan borrowers for auto insurance they did not need.

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(AP) – Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for San Francisco-based Wells Fargo confirmed the agreement Friday and called it "an important step in making things right." The bank’s statement said.