The settlement requires Wells Fargo to pay $8 million to the Office of Attorney General on the state’s behalf.
“I take very seriously my office’s obligation to protect citizens from questionable marketing practices,” Morrisey said in a statement. “This settlement is yet another example demonstrating that commitment.”
The lawsuit, filed in Hancock County, alleged marketing practices used by Accordia artificially increased profits of various insurance companies to the detriment of consumers by favoring certain insurance carriers over others. It further alleged these practices amounted to violations of the state’s Antitrust Act and its Consumer Credit and Protection Act.
Wells Fargo, which acquired Accordia after the lawsuit was filed, has denied any wrongdoing. The settlement was reached before the court made any rulings on the issue of fault.
