Wells Fargo will pay $5.4 million to the Justice Department to compensate approximately 450 service members whose cars were repossessed by the bank’s auto financing arm, Wells Fargo Dealer Services. The government found that the repossessions were unlawful under the Servicemembers Civil Relief Act, which requires that a court must review and approve the repossession if the loan was taken out, and a payment made, before the owner entered military service. This is the second such settlement for the bank, which previously compensated 413 service members in September 2016. It also follows a long string of misdeeds by the bank, which over the span of several years opened millions of accounts for customers without their knowledge, including some for auto insurance. Wells shares are down about 2% for the year to date, lagging the 12% gain for the Financial Select Sector SPDR and the 18.6% gain for the Dow Jones Industrial Average .
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