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Wells Fargo to pay $8 million to resolve allegations against predecessor Acordia

By Mark Iandolo | May 3, 2016

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CHARLESTON, W.Va. (Legal Newsline) – Wells Fargo has agreed to an $8 million settlement over allegations that its predecessor, Acordia, violated the state’s Antitrust Act and its Consumer Credit and Protection Act.

“I take very seriously my office’s obligation to protect citizens from questionable marketing practices,” West Virginia Attorney General Patrick Morrisey said. “This settlement is yet another example demonstrating that commitment.”

According to the state’s lawsuit, Acordia artificially increased profits of various insurance companies in a way that harmed consumers by favoring certain insurance carries over others.

As part of the settlement, Wells Fargo denied any wrongdoing. Additionally, the parties settled before the court could make a ruling on the issue of fault in the case.

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Organizations in this Story

Virginia Attorney General's OfficeWells Fargo & Company