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Arizona to get $37.1M under settlement with Wells Fargo

Posted at 11:51 AM, Dec 28, 2018
and last updated 2018-12-28 13:51:30-05

PHOENIX — Arizona will receive $37.1 million from Wells Fargo & Co. under a 50-state $575 million settlement to resolve claims that the bank violated state consumer protection laws.

Allegations leading to the settlement announced Friday included that the company opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent.

The settlement requires the banking giant to create a redress program for consumers not covered by a previously announced restitution program.

Arizona Attorney General Mark Brnovich called Wells Fargo's conduct "particularly offensive" and said the settlement holds the company accountable while deterring similar future activity by other financial institutions.

Wells Fargo CEO and President Tim Sloan said his company is making a "serious commitment to making things right in regard to past issues."