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U.S. Consumer Financial Protection Bureau

Wells Fargo agrees to $16.2M settlement in kickback case

Wells Fargo agrees to $16.2M settlement in kickback case

Wells Fargo has agreed to pay about $16.2 million to customers to settle claims over a kickback scheme involving an Owings Mills title company, according to an agreement filed Thursday in U.S. District Court for Maryland.

It is the second settlement the bank has reached in connection with the scheme, in which mortgage brokers reportedly referred business to Genuine Title of Owings Mills in exchange for kickbacks and other materials.

The plot allegedly affected more than 9,000 customers, many of them in Maryland, according to Smith, Gildea & Schmidt LLC, which is representing the customers along with Joseph, Greenwald & Laake PA.

Wells Fargo agreed last year to...

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