CHARLOTTE, N.C. -- Wells Fargo will pay more than half a billion dollars to settle a multi-state lawsuit over its violations of consumer protection laws and fraudulent sales practices.
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The bank will pay more than $15 million to North Carolina as part of the $575 million settlement with all 50 states and the District of Columbia.
Wells Fargo will also create a Consumer Restitution Review Program, where consumers request a review of their case for possible repayment.
As we've reported in the past, Wells Fargo opened millions of unauthorized accounts, enrolling customers without their consent, improperly charged auto loan customers for insurance they didn't need and incorrectly charged customers for mortgage rate lock extension fees. Those are just some of the violations that triggered this lawsuit.
Wells Fargo had already to more than $600 million in consumer restitution and will pay more than $1 billion in civil penalties to the federal government.