CT senator sets crosshairs on Wells Fargo for auto insurance scam

Wells Fargo. (MGN)

Connecticut's senior senator is taking aim at a bank for defrauding thousands of customers in the state and across the nation.

Sen. Richard Blumenthal said he will announce action against Wells Fargo to hold it accountable for an auto insurance scam.

Blumenthal said Wells Fargo charged more than 800,000 car loan customers for costly and unnecessary collision insurance, which led to thousands of nationwide delinquencies. He said 25,000 wrongful repossessions were included.

Wells Fargo offered to refund customers a fraction of the damage they are due, according to Blumenthal.

He called it "a paltry pittance amounting to nothing more than a PR stunt."

Wells Fargo said last month that it was sorry for the inconvenience it caused customers and that it was in the process of notifying them and "making things right."

Blumenthal's news conference is set for 1 p.m. at the Legislative Office Building in Hartford.

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