Wells Fargo fined $4 mln for illegally repossessing servicemembers’ cars

Another example why the banksters will never be trustworthy. to the public…

Marketwatch:

Wells Fargo Bank WFC, -2.07% will pay $4.1 million to settle allegations that it illegally repossessed 413 vehicles owned by servicemembers without obtaining a court order, the Justice Department said Thursday. The settlement, which covers repossessions from Jan. 1, 2008 to July 1, 2015, requires the bank to pay $10,000 to each of the affected persons. Wells Fargo also agreed to change its policies as part of the agreement. The Justice Department launched its investigation into the bank’s practices following a complaint on behalf of Army National Guardsman Dennis Singleton, whose car was repossessed as he was preparing to deploy to Afghanistan. After the bank sold the vehicle at a public auction, it also attempted to collect $10,000 from Singleton. Wells Fargo’s latest legal trouble comes amid revelations of widespread illegal sales practices.

2 responses to “Wells Fargo fined $4 mln for illegally repossessing servicemembers’ cars

  1. Reblogged this on California Freelance Paralegal and commented:
    That is outrageous that any big bank or corporation would do that to any one, let alone a servicemember that was serving their country. Wells Fargo should have been fined a lot more than $4 million dollars!

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