Tag: Wells Fargo

Tangela Richter steps up as new GEICO insurance Chief Legal Officer

H. Cutner
GEICO insurance - Welcome to the Team

The insurer has announced the new hire, who joined the company from previously working at Wells Fargo The GEICO insurance company recently announced that it has a new Chief Legal Officer, Tangela Richter, who will report directly to Todd Combs, the insurer’s Chair, President and CEO. Richter will be responsible for legal function, government, and regulatory oversight Richter will have oversight over all the GEICO insurance legal functions.  She will also be responsible for overseeing government and regulatory operations. The new chief legal officer has come to the insurer from…

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Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

H. Cutner
Auto insurance - Wells Fargo

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

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Wells Fargo is leaving the California renters insurance market due to violations

G. Turner
California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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Lawsuit accuses Wells Fargo of having known of auto insurance program flaws

Nordstrom
Auto insurance program - Law Case Books - Lawsuit

A class action lawsuit asserts that the bank’s executives were warned about the problems. A class action lawsuit now accuses Wells Fargo executives of having been warned several years ago that the auto insurance program could have been overcharging car loan customers. A judge released this complaint earlier this week, at a time when Wells Fargo faces legal sanctions. The bank is in the midst of dealing with legal sanctions applied against it after it forcibly enrolled approximately two million of its customers in a special auto insurance program. This…

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Wells Fargo pet insurance refunds on their way to many policyholders

Julie Campbell
Wells Fargo Pet Insurance - dog - Bulldog

A new report shows the scandal-plagued bank is reviewing a whole new batch of possible add-on problems. Wells Fargo pet insurance is among the latest add-ons linked with the bank’s rash of scandals. Thousands of the bank’s customers have been paying for insurance coverage they didn’t need or were overpaying for the coverage they did require. The bank is still coping with having mis-sold auto insurance to more than half a million drivers. More recently, the San Francisco-based lender has been looking at financial and insurance add-ons. What they have…

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