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.