Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
A new lawsuit accuses Wells Fargo of racketeering violations and fraud after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies.
The proposed class action filed on Sunday in San Francisco federal court deepens the fallout from the latest bad practice at Wells Fargo.
It follows the scandal in which the third-largest U.S. bank has said employees created as many as 2.1 million unauthorized customer accounts to meet sales goals.
Wells Fargo said late last week it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance, including roughly 20,000 people whose vehicles were repossessed.
The San Francisco-based bank made its announcement less than three hours after The New York Times wrote about an internal report prepared for executives that detailed improper charges.
Wells Fargo said it halted the charges last September after customers expressed "concerns."
But according to the lawsuit, refunds to defrauded customers are not enough.
"Wells Fargo has long lost the right to decide what is best for its customers," Roland Tellis, a lawyer for the plaintiffs, said in an interview.
"Refunds don't address the fraud or inflated premiums, the delinquency charges, and the late fees," he added. "It will be up to a jury or court to decide the appropriate remedy."
Wells Fargo had no immediate comment on Monday.
The lawsuit is led by Paul Hancock, a 34-year-old marketing consultant from Indianapolis.
He said Wells Fargo charged him $598 for insurance though he repeatedly told the bank he had coverage from Allstate, and imposed a late fee after the unnecessary policy took effect.
The lawsuit seeks unspecified damages, which could be tripled under federal racketeering law, for borrowers nationwide, and in California and Indiana.
"If refunding premiums was just the start, this could be a nine-figure case," Tellis said.
Wells Fargo's accounts scandal resulted in $185 million of regulatory penalties and a $142 million settlement of private litigation, and cost former Chief Executive John Stumpf his job.
The case is Hancock v Wells Fargo & Co et al, U.S. District Court, Northern District of California, No. 17-04324.