Wachovia Lawsuit

Settles Telemarketing Suits for $200 Million

Wachovia Settles Telemarketing Suits for $200 Million

A proposed settlement filed Friday morning would see Wachovia pay more than $200 million to settle 2 telemarketing class actions. This would increase the amount of an existing fund from $125 million to $163 million established earlier by federal regulators, to reimburse victims of telemarketing schemes that removed money from customer accounts. Wachovia allegedly helped the telemarketers.

Under the terms of the new agreement the more than 900,000 people targeted who lost money, and who are mostly seniors, would not have to file for restitution. Additionally, Wachovia will pay $8.9 million toward consumer-education programs for the elderly, and a $10 million fine.

OCT-010-08: Wachovia paying up to $200M to settle telemarketing cases [BIZ JOURNALS: WACHOVIA $200 MILLION TELEMARKETING SETTLEMENT]

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