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Wells Fargo Collateral Protection Insurance Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

Four defendants—Wells Fargo Bank, NA, Wells Fargo & Co, National General Holdings Corp., and National General Insurance Company—have decided to pay a little less than $400 million to settle a class action about their auto loans. The complaint alleged that the lenders unlawfully placed collateral protection insurance (CPI) policies on some auto loan accounts, and claimed that the policies were duplicative, unnecessary, and overpriced.

Docket Number:

8:17-ML-2797-AG-KES

Company: Wells Fargo

Filing Deadline: January 1, 2100

Class Period: October 15, 2005 to September 30, 2016

Objection Deadline: October 7, 2019

Exclusion Deadline: October 7, 2019

Final Approval Hearing: October 28, 2019

Proof of Purchase:

If you received a notice, you are a class member and do not need to file a claim form or contact anyone in order to receive a payment.

Eligibility:

You may be eligible if 

  • You were a Wells Fargo Dealer Services customer who had a CPI policy place on your auto loan during the time between October 15, 2005 and September 30, 2016; or
  • You were a Wells Fargo Auto Finance customer who had a CPI placed on your auto loan during the time between February 2, 2006 and September 1, 2011. 

You are not eligible if you are a Non-Compensable Flat Cancel (who provided proof of duplicative coverage, where the CPI coverage was canceled and you did not pay for it).

Typical Settlement Amount:

Benefits will be distributed according to a complex plan. For more information, see the Notice at http://www.wellsfargocpisettlement.com/Content/Documents/Notice.pdf.

Total Settlement Amount: $393.5 million

Class Representative Proposed Incentive Fee:

$7,500

Law Firms:
Baron & Budd
Gibbs Law Group
Levin Sedran & Berman
Robins Kaplan LLP
Weitz & Luxenberg PC

Case Name: In re Wells Fargo Collateral Protection Insurance Litigation

Settlement Website: Wells Fargo Collateral Protection Insurance Settlement Website

Claims Administrator:
The Notice Plan

Claims Administrator Contact Information:

Wells Fargo CPI Settlement
c/o The Notice Plan
P.O. Box 4990
Portland, OR 97208-4990
info@WellsFargoCPISettlement.com
1-877-641-8815

Tags: Auto Insurance, Deceptive Insurance Practices, Forced Placed Insurance, Insurance