A new lawsuit accuses Wells Fargo & Co. of racketeering violations and fraud after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies.
Wells Fargo and Co. said it would reimburse about $80 million to 570,000 customers who may have been charged incorrectly due to issues related to auto collateral protection insurance (CPI) policies.
A phantom account scandal at Wells Fargo & Co. has put the U.S. bank’s disclosure policies under a harsh spotlight.
