Wells Fargo To Pay $5M For Unlawfully Repossessing Service Members' Cars

Wells Fargo has agreed to a second round of payments to more than 400 members of the military whose personal vehicles the banking giant repossessed while they were on active duty.

Each service member victimized by the bank will receive $12,300 from a $5 million-plus settlement fund Wells Fargo has agreed to set up. The settlement resolves a federal class action lawsuit filed in Topeka in 2017 by Jin Nakamura, a soldier stationed at Fort Riley, Kansas.

In agreeing to resolve the case, Wells Fargo denied the allegations and said in a statement that it settled “to avoid the distraction of burdensome and protracted litigation.”

Julie Fogerson, a spokeswoman for Wells Fargo, said the agreement “is a step forward in making things right for customers and we remain deeply focused on caring for our neighbors, family members and team members who serve our country.”

Read more: https://www.kcur.org/post/wells-fargo-pay-5m-unlawfully-repossessing-service-members-cars#stream/0