Indiana Part of Massive Wells Fargo Settlement

Posted: Updated:
Indiana Attorney General Curtis Hill Indiana Attorney General Curtis Hill

The Indiana Attorney General's office has announced a $575 million settlement with California-based Wells Fargo & Co. (NYSE: WFC) over claims the bank violated state consumer protection laws. As part of the settlement, which involves all 50 states and the District of Columbia, Indiana will receive $5.2 million.

Curtis Hill's office calls the settlement the "most significant engagement involving a national bank by state attorneys general acting without a federal law enforcement partner." The settlement resolves claims that Wells Fargo: 

  • Opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent
  • Improperly referred customers for enrollment in third-party renters and life insurance policies
  • Improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance
  • Failed to ensure that customers received refunds of unearned premiums on certain optional auto finance products
  • Incorrectly charged customers for mortgage rate lock extension fees.

"Such grossly unfair and deceptive trade practices as those demonstrated by Wells Fargo must never be allowed to stand," Hill said in a news release. "We must continue working tirelessly to hold companies accountable for engaging in blatant misconduct that harms consumers."

Per the terms of the settlement, Wells Fargo has agreed to create a consumer redress review program which will allow consumers who have not been made whole through other existing restitution programs to seek review of their complaint by a bank escalation team. The program will be implemented within 60 days.

Hill's office says Wells Fargo has already committed to or provided more than $600 million in restitution to consumers through its agreements with the federal Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. The bank will also pay more than $1 billion in civil penalties to the federal government.

You can learn more about the claims against Wells Fargo by clicking here.

  • Perspectives

    • What the Fit!?

      Good fit in our work, relationships, and, yes, shoes – brings energy and joy into our lives! I recently bought a new pair of shoes. They were very snug, the salesman assured me they would stretch because of the material. I was a little skeptical, but I bought them anyway. This made me think about how shoes also provide some fun clues to assess good “fit” in work and relationships. Even stellar communication and conflict skills won’t make a bad fit feel good.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Jeffersonville to Break Ground on Medical Center

      Leaders from Nicklies Development, Clark County, the city of Jeffersonville and One Southern Indiana will Tuesday break ground on River Ridge Surgical Suites. The $4 million Medical Center will be located on Jeffersonville Commons Drive. 

    • (rendering courtesy of the IEDC)

      Allison Details $400M Expansion Plans

      Allison Transmission Holdins Inc. (NYSE: ALSN) today detailed expansion plans involving more than 300 new jobs through 2020. The company says it will invest more than $400 million over the next few years in projects including a new Vehicle Environmental Test facility and an Innovation Center in Indianapolis. As part of the announcement, Allison today broke ground on the Innovation Center, which is expected to open in 2021. The Innovation Center will feature virtual and physical...

    • (rendering courtesy of the Indiana State Museum and Historic Sites)

      T.C. Steele Historic Site Visitor Center to Open

      The Indiana State Museum and Historic Sites will Saturday celebrate the opening of the new Singing Winds Visitor Center at the T.C. Steele State Historic Site in Nashville. The $2.2 million project broke ground in September 2017 and was funded through public and private donations and grants.

    • Hicks is the director of Ball State's Center for Business and Economic Research.

      BSU Index Updates County Quality of Life Rankings

      A new report from the Center for Business and Economic Research at Ball State University updates the quality of life rankings for every Indiana county. The Community Asset Inventory and Rankings, originally created in 2012, gives a letter grade for each county in seven major categories. Ball State economics professor Michael Hicks says the index gives counties a tool to let them know how they're doing in areas that business and households consider when thinking about relocation.

    • (rendering courtesy of Prince Alexander Architects)

      Demand Fuels Planned Tech Building in Indy

      The business group managing The Union 525 tech hub in downtown Indianapolis is adding to the campus. John Hurley, managing partner of The Union 525, tells Inside INdiana Business plans are moving forward to build a new, $10 million building designed to accommodate the city's growing tech scene. Hurley, who is also the chief executive officer of SmartFile, says The Union 601 will be a six-story, 67,000-square-foot facility that will have a similar open concept feel as its sister...