Wells Fargo Accused of Illegally Repossessing Cars of Service Members

One thing about Wells Fargo; when they decide to play dirty in pursuit of the almighty dollar, they certainly don’t discriminate when it comes to selecting victims.


Manchester, New Hampshire’s WMUR is reporting that Wells Fargo is going to be forking over a total of $24 million to settle allegations that the company targeted service members for abusive practices, to include illegally repossessing their cars.

The illegal repossessions in question occurred between 2008 and 2015, according to the Department of Justice. Specifically, the DOJ has alleged that Wells seized 413 vehicles from military personnel without court orders, which is against federal law.

In recompense, Wells will: pay $10,000 to each victim; additionally pay to each victim the equity lost in the vehicles, with interest; and pay, as well, to repair the credit of each affected service member.

Wells Fargo issued a statement of apology, admitting that the company did a poor job providing for members of the military to “receive the appropriate benefits and protections.”

The company also said it expects that all of the compensatory measures will be completed within 60 days.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

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