Iowa Attorney General, Tom Miller, has announced that Wells Fargo Bank will be paying $575 million to resolve claims that the bank violated consumer protection laws over several sales practices. This included creating unauthorized accounts and other actions that affected millions of customers. Iowa joined Arizona, Connecticut and Pennsylvania in leading the investigation into the Wells Fargo practices. “This agreement is unique and one of the largest multistate settlements with a bank since the National Mortgage Settlement in 2012,” Miller says. “This significant dollar amount, on top of actions by federal regulators, holds Wells Fargo accountable for its practices.” Iowa’s share of the settlement is $6,180,941.33 and will go the state’s Consumer Education and Litigation Fund.
