A PYMNTS Company

US: Wells Fargo to pay West Virginia $8M as part of settlement

By  |  April 26, 2016

Wells Fargo will pay $8 million to West Virginia as part of a settlement of a decade-long dispute involving marketing practices.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Attorney General Patrick Morrisey announced Monday that Wells Fargo will pay the money to the Office of the Attorney General on the state’s behalf.

    The Charleston Gazette-Mail reports that the lawsuit was filed in 2005 by former Attorney General Darrell McGraw’s office. It accused Acordia of West Virginia and its parent company, Acordia Inc., of improperly pocketing millions of dollars in secret commissions from insurers. It also alleged that the practices amounted to violations of the state’s Antitrust Act and its Consumer Credit and Protection Act.

    Full Content: Metro News

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.