HGD Investigating Claims that Wells Fargo Insurance Scheme Was a Scam

Heninger Garrison Davis is currently investigating claims that Wells Fargo bank customers were sold unnecessary auto insurance policies they didn’t need or want. The customers were forced to pay for auto insurance through Wells Fargo when they took out an auto loan, even if they already had auto insurance through another carrier. Of these customers who were falsely charged for the insurance, close to 250,000 of them fell into delinquency and almost 25,000 resulted in vehicle repossessions.  These claims made by Wells Fargo customers are eerily similar to the fake-account scandal at the bank. A proposed class-action lawsuit was filed Sunday in San Francisco federal court.

According to an article by Laura J. Keller and Margaret Cronin Fisk on Bloomberg.com, Wells Fargo last week said it may have pushed thousands of car buyers into loan defaults and repossessions by charging them for the unwanted insurance. The bank said an internal review of its auto lending found more than 500,000 clients may have unwittingly paid for protection against vehicle loss or damage while making monthly loan payments, even though many drivers already had their own policies. The firm said it may pay as much as $80 million to affected clients — with extra money for as many as 20,000 who lost cars, “as an expression of our regret.”

If you are a Wells Fargo customer who had an auto loan and/or an auto insurance policy through Wells Fargo from 2012 to 2017, please reach out to one of our Wells Fargo attorneys at Heninger Garrison Davis, LLC. You may be eligible to join the class action lawsuit and recover damages lost.

Even if you feel you are not ready to file a suit, consult one of our qualified lawyers as soon as possible so that you will know your options. We do not charge any fees upfront. In fact, we will only charge attorney’s fees if we obtain a financial settlement for you. If you don’t win, we won’t get paid a legal fee. Call us today for your free case evaluation 1.800.241.9779.

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Full Bloomberg Article