U.S.: Wells Fargo illegally repossessed 413 service members' cars

http://money.cnn.com/ ^ | September 29, 2016 | Jackie Wattles

[Enterprise]

Tar, feathers. Grrrrrrrrrr.

[wastoute]

What I want to know is where did the millions in fines go? The US Treasury or to some Soros affiliated new world NGO shake down group?

[Nailbiter]

rope light poles

[BRL]

Who is surprised that the first bank to embrace the leftist sex agenda is actually filled with morally vile and reprehensible people.

[Enterprise]

That’s a good point!

[BRL]

The compensation is 10,000 more than making them financially whole, which is possibly way too low. What if the financial burden or loss of car led to a divorce which then led to children without a whole family? 10,000 is absurd. If it was homos who got the shaft instead of military people the fine would be at least 10 times more.

[Steely Tom]

They're going to get away with paying each service member $10K?

That's quite a sweet deal.

[Lisbon1940]

It all began with a Wells Fargo wagon.

[BRL]

It is not a sweet deal. It is way too low

[Steely Tom]

Sweet deal for the a-hole bank, not for the wronged service members.

[Gene Eric]

And how many responsible banks did the Obama regime cut loose?

[Enterprise]

Maybe other FReepers can weigh in here. In some lawsuits, a jury can assess punitive damages when someone acts in bad faith. In cases where the Government negotiates a settlement, there doesn't seem to be provisions to adequately compensate the real victims. It seems that the Government keeps most of the money. With this administration, it wouldn't surprise me to see them turn around and steer the money to "social justice" programs.

In this case, the Government should have sought severe penalties and disbursed the money to the veterans. I don't see why the Government can't do this since it can easily throw money to any given aggrieved class.

[Enterprise]

I couldn’t agree more. This settlement is way too low. I wonder if Wells Fargo donated to Hillary.

[blackdog]

Just like always, doj goes after big bank or big stock firm to protect their shareholders. Big bank admits no guilt but settles by paying the doj a huge fine paid for by the same stock holders the feds claim to be protecting. This scam has been working nicely since the late 90’s.

[beaversmom]

I will absolutely never do business with Wells Fargo.

[RFEngineer]

How does this help the next service member who wants to borrow money to buy a car?

[kiryandil]

a violation of federal law.

Breaking: Wells Fargo changes its name to Hillary Clinton.

Talk to the finger, proles...

[jazminerose]

Unforgivable.

They need to be fined into oblivion for this one and the funds distributed to their victims.

[Soul of the South]

How many members of rhe general public were also fleeced by the bank? Likely many more.

[Enterprise]

That might also be something to look into.