Wells Fargo Accused of Illegally Repossessing Service Members’ Cars
CHARLOTTE, NC — More trouble for Wells Fargo. The bank, already taking heat for a scandal over fake accounts, is now accused of illegally repossessing 413 cars owned by U.S. military service members.
The Justice Department says the illegal repossessions happened from 2008 to 2015. The bank is supposed to get a court order before seizing cars from active-duty troops.
Wells Fargo will pay $10,000 to each of the affected service members, plus lost equity in the cars with interest, and will have to repair their credit.