Iowa Attorney General, Tom Miller, has announced that Wells Fargo will pay a $575 million settlement to resolve claims it violated state consumer protection laws. Iowa joined Arizona, Connecticut and Pennsylvania in heading up the investigation into the bank’s practices, which include creating unauthorized customer accounts. In a statement released Friday, Miller suggests the settlement represents the most significant engagement involving a national bank by state attorneys general acting without a federal law enforcement partner. According to Miller, “This agreement is unique and one of the largest multi-state settlements with a bank since the National Mortgage Settlement in 2012.” He adds the settlement seems appropriate to hold Wells Fargo accountable for its practices. Iowa’s portion of the settlement is $6.18 million, which will be added to the state’s Consumer Education and Litigation Fund.
