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Wells Fargo Collateral Protection Insurance Settlement

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Settlement Structure: 
Case Summary: 

Four defendants—Wells Fargo Bank, NA, Wells Fargo & Co, National General Holdings Corp., and National General Insurance Company—have decided to pay a little less than $400 million to settle a class action about their auto loans. The complaint alleged that the lenders unlawfully placed collateral protection insurance (CPI) policies on some auto loan accounts, and claimed that the policies were duplicative, unnecessary, and overpriced.

Docket Number: 
8:17-ML-2797-AG-KES
Company: 
Wells Fargo
Class Period: 
Saturday, October 15, 2005 to Friday, September 30, 2016
Objection Deadline: 
Monday, October 7, 2019
Exclusion Deadline: 
Monday, October 7, 2019
Final Approval Hearing: 
Monday, October 28, 2019
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