Oklahoma part of the multistate settlement with Wells Fargo for violating consumer protection laws

Hundreds of people had their homes foreclosed on because software used by Wells Fargo incorrectly denied them mortgage modifications. (FILE)

OKLAHOMA CITY – Attorney General Mike Hunter today announced a settlement agreement has been reached with Wells Fargo Bank that addresses the bank’s account scandal and business practices that date as far back as 2009.

Oklahoma will receive $2.64 million, which will be used, in part, for consumer education and enforcement of state consumer protection laws.

As part of the settlement, Wells Fargo will pay $575 million to 50 states and the District of Columbia.

“Although the company has already made restitution to most victims, my fellow attorneys general and I wanted to further hold the company accountable to ensure this never happens again,” Attorney General Hunter said. “The provisions we have agreed upon will provide better protections to customers and all stakeholders doing business with the bank. I encourage Oklahoma victims who have not yet been made whole to file their complaints as soon as the dedicated website is made available.”

Wells Fargo will be required to create and implement a consumer redress review program, where customers who have not been made whole through other restitution programs can seek a review for possible relief.

More information on the review program, including phone numbers and a website with more information will be made available by Wells Fargo on or before Feb. 26.

Read the settlement agreement, click here.

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