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It was announced today that Wachovia Bank (WB) is being forced to compensate its customers for allegedly committing fraud.
The Office of the Comptroller of the Currency (OCC) claims that WB has been indirectly profiting at the expense of their customers.
Settlement Reached
The settlement reached between the OCC and the bank requires Wachovia to distribute a maximum of $125 million to customers who were financially harmed by the fraud they were committing.
Wachovia is also required to donate $8.9 million to consumer education programs that focus on the elderly.
Bank Commits Fraud
After an investigation, the OCC found that Wachovia was engaging in unsound practices during the course of its relationships with payment processors and telemarketers.
As a result of their deception, thousands of customers, particularly those who were elderly, were paying fees and being unethically charged.
Reports claim that even when Wachovia employees found out about the practices, they did nothing to correct the problem.
(Source: RTT News)
Have you or someone you know been the victim of consumer fraud? If so, please contact us to speak with an experienced attorney who will enable you to be compensated for any wrongdoing.
Consumer fraud class action lawsuits are specifically designed to help individuals who have been similarly aggrieved to pursue a common goal – namely to hold the deceptive business accountable for any damages suffered. Thus, consumers who have been defrauded by a corporation or other entity may file a consumer fraud class action lawsuit on behalf of themselves and others to seek compensation for their shared grievance.
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