If you had a CPI policy placed on your auto loan from Wells Fargo, you may qualify to receive a payment from the class action settlement. Payments will be issued automatically to all eligible customers and you do not need to do anything at this time to be eligible to receive a payment.
CPI is a type of insurance that Wells Fargo purchased from National General to cover potential damage to vehicles that served as collateral to Wells Fargo auto loans. The lawsuit alleges, among other things, that the CPI Policies that Defendants placed on Settlement Class Members’ accounts were duplicative, unnecessary, and overpriced. Wells Fargo and National General deny each and all of the claims and allegations of wrongdoing made by the Plaintiffs.