Skip to content

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • Liberty Mutual Done with Fixing, On to Building
  • Fixing Claims Negotiation (Part 5)
  • Ultra-Processed Foods: Will Risk Cause Insurers Indigestion?
  • Carrier Management
  • C-Suite
  • News
  • Research
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Join
  • Login
  • Boardroom Agenda
  • CEO / Chief Executive
  • CFO / Financial
  • Underwriting
  • CTO / Technology
  • Risk
  • Brand Management & Sales
  • Investment Officers
  • Claims / Legal
  • Talent Management
Wild Weather Continues Across the U.S. This Weekend
Pennsylvania Regulators Seek $2.6M in Penalties for Deadly 2023 Chocolate Factory Explosion
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
Wild Weather Continues Across the U.S. This Weekend
Study Shows Consumer Willingness to Edit Claim Images

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
The Trillion-Dollar Gap: How User-Centered Design Built Tech’s Giants—and Why Insurance Must Follow
How Modern Is ‘Modern Enough’ for Insurance Applications?
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
JD Power: Homeowners Claims Satisfaction Rises as Repair Times Improve
P/C Industry Loss Reserves Redundant by More Than $20B: Assured Research
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
State Farm’s California Homeowners Rate Request: It’s Settled — Almost
RLI Now Has ‘A++’ Rating from AM Best
First Atlantic Hurricane Forecast for 2026 Suggests Season Close to 30-Year Norm
State Farm Inked $1.5B Underwriting Profit for 2025; HO Loss Persists
Liberty Mutual ‘Shifting from Fixing to Building’ in 2026, CEO Says
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers

See all Top 50

Investor Chicken Little and the AI Sales Channel: OpenAI Insurance Apps Trigger Uncertainty
Getting to the How and Why: AI Shows Its Work
Predicting the Insurability of Prediction Markets
Myth vs. Reality: How Insurers Compete With Tech Giants on Customer Experience

See all Members Only Content

Benefits

  • News for the P/C Insurance C-Suite - Focused reporting from reliable sources and experienced financial journalists.
  • Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts.
  • High-Profile Peers - Interviews with thought leaders in the global and U.S. insurance industry.

Online Access

Complete, unrestricted access to the popular CarrierManagement.com website, which provides insurance company C-suite executives with daily news, white papers, advice, instruction and editorial on how to manage insurance companies more efficiently and more effectively.

Wells Fargo Will Fork Over $575M to Resolve Sales-Practices Scandal

Print Email
December 28, 2018 by Imani Moise

Wells Fargo & Co will pay $575 million to settle claims made by U.S. states, the latest settlement as the bank works to resolve lingering investigations and legal battles stemming from its sales-practices scandal and to remove a punitive asset cap.

Two years ago, Wells Fells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer accounts. Since then, the bank has racked up over $2 billion in penalties as other issues were discovered across most of its business lines.

Friday’s settlement resolves claims by all 50 states and the District of Columbia related to the accounts, as well as claims that the bank improperly referred and charged customers for a number of financial products like auto and life insurance.

“Instead of safeguarding its customers Wells Fargo exploited them,” California Attorney General Xavier Becerra said in a statement. “This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system.”

The settlement, confirmed by Wells Fargo and the offices of various state attorneys general, was first reported earlier by Reuters.

Wells Fargo has been seeking a fresh start after revelations that its employees opened potentially millions of unauthorized accounts tangled the nation’s fourth-largest bank in fierce investor and regulatory scrutiny for the past two years.

Over the summer, Wells Fargo launched a marketing campaign saying the bank had been “re-established” this year, but Wells Fargo continued to attract fresh headlines about the customer abuses of the past.

The bank has been working to resolve ongoing investigations and legal battles as it tries to gain approval from the Federal Reserve to lift its cap on assets.

This year, the bank has settled claims with the New York attorney general, a class of investors and the Office of the Comptroller of the Currency, but the bank still has a number of probes looming over its bottom line. Wells Fargo still faces probes by the U.S. Securities and Exchange Commission, the Department of Justice and the Department of Labor, according to its most recent securities filing. (Reporting By Imani Moise in New York and Patrick Rucker in Raleigh, North Carolina; editing by Jonathan Oatis)

Copyright 2026 Bloomberg.
Print Email
Claims / LegalCommercial LinesLitigation/Liability TrendsMarketsNewsRiskThe C-SuiteU.S.Underwriting

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Investor Chicken Little and the AI Sales Channel: OpenAI Insurance Apps Trigger Uncertainty
Cyber Insurance Faces a Turning Point in 2026 as Soft Market Pressures Grow
Predicting the Insurability of Prediction Markets
Loss Trends Outpacing Pricing Assumptions: Other Liability Analysis

Related Articles

Wells Fargo Says It Won’t Finish Paying Back Auto Insurance Customers Until 2020
Wells Fargo Auto Insurance Scandal Leads to Class Action Lawsuit
Wells Fargo Will Pay at Least $385M to Settle Auto Insurance Scam
Wells Fargo Will Fork Over $2.09B to Resolve Longstanding U.S. Mortgage Probe
Wells Fargo Plan to Repay Customers Pushed Into Unnecessary Auto Insurance Reportedly Rejected by Regulators
Wells Fargo Discloses Rising Legal Risks as Sales Abuse Settlement Talks Proceed
Wells Fargo CEO Insists Scandals, Risk Management Woes in Past; Regulator Disagrees

Latest Magazine

Carrier Management magazine
View All

Research & Whitepapers

Free Newsletter

NewsletterSign up to receive daily news!

Latest

  • Wild Weather Continues Across the U.S. This Weekend
  • Study Shows Consumer Willingness to Edit Claim Images
  • McDonald’s Must Face Black Executives’ Harassment, Retaliation Claims
  • Pennsylvania Regulators Seek $2.6M in Penalties for Deadly 2023 Chocolate Factory Explosion
  • JD Power: Homeowners Claims Satisfaction Rises as Repair Times Improve
  • Investor Chicken Little and the AI Sales Channel: OpenAI Insurance Apps Trigger Uncertainty
  • P/C Industry Loss Reserves Redundant by More Than $20B: Assured Research
  • Loss Trends Outpacing Pricing Assumptions: Other Liability Analysis
  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • Liberty Mutual Done with Fixing, On to Building
  • Fixing Claims Negotiation (Part 5)
  • Ultra-Processed Foods: Will Risk Cause Insurers Indigestion?
  • 20,000 AI Users at Travelers

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • Cotality
  • Cytora
  • HazardHub
  • Indico Data
  • Majesco
  • Verisk
  • Vertafore

Connect with us

  • Email Newsletters
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Carrier Management

  • Submit Content
  • Advertise
  • Subscribe
  • Contact Us

Wells Media Group Network

  • Carrier Management iconCarrier Management
  • Insurance Journal iconInsurance Journal
  • Claims Journal iconClaims Journal
  • IJ Academy iconInsurance Journal Academy
  • Insurance Journal TV iconInsurance Journal TV
  • MyNewMarkets.com iconMyNewMarkets.com
© 2026 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map