Wells Fargo Customers Sue Claiming Insurance Scheme Was Scam
- Bank customers were sold policies they didn’t need or want
- Insurance claims follow fake-account scandal at community bank
Wells Fargo Investors Fret Recent Scandals
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Wells Fargo & Co. customers accused the bank in a lawsuit of forcing them to pay for unnecessary auto insurance that drove some of them so far into a financial spiral that their vehicles were repossessed.
The complaint comes after a year of handwringing and internal changes brought on by an earlier snafu at Wells Fargo. Bank workers opened up possibly 2.1 million checking and credit-card accounts without customers’ permission over about half a decade, and the bank paid $185 million to regulators to settle.