Wells Fargo Settlement Will Bring Millions to Missouri and Illinois
A multi-state legal settlement means a megabank will pay at total of $575 million to all 50 states.The suit involves Wells Fargo and alleged violations of consumer protection laws.
The settlement between the mega bank and the states comes after the bank acknowledged its employees opened millions of bank accounts without the customer’s knowledge. Bank employees also sold insurance and tacked on other financial products that customers did not need.
Missouri Attorney General Josh Hawley says Missouri’s portion of the settlement will be just over $5.6 million. Illinois Attorney General Lisa Madigan says Wells Fargo will pay her state nearly $11 million.