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Wells Fargo, Insurance Company Settle Suit Over Loan Harms for $432M

Wells Fargo and an insurance company it worked with have agreed to pay $432 million to settle a class-action lawsuit brought by customers who say they were charged premiums for auto insurance they did not need.

An internal report that found more than 800,000 people may have been charged premiums for the unnecessary insurance. The bank then initially acknowledged that as many as 570,000 customers may have been affected by the practice, and in some instances, it may have contributed to vehicle repossessions.

The auto lending controversy was one of a series of troubles the bank has faced since it was revealed in 2016 that bankers had opened millions of accounts without customer permission to meet high-pressure sales goals.

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