SACRAMENTO, Calif. -- Wells Fargo has agreed to pay California $5 million to settle allegations that it opened insurance policies for its customers and charged them without their consent.
The San Francisco-based company agreed to give up its insurance licenses for two years and to pay another $5 million if it ever wants to sell insurance in California again.
[Ads /]
Insurance Commissioner Dave Jones accepted the settlement on Wednesday. He says company representatives issued about 1,500 insurance policies without the consent of customers. The settlement is part of a massive fake-accounts scandal that has tarnished the reputation of one of the nation's largest banks.
RELATED: Wells Fargo agrees to pay $1 billion to settle customer abuse claims
[Ads /]
Wells Fargo spokeswoman Catherine Pulley says the company has worked to make things right for customers and earn back their trust. It previously stopped issuing new insurance policies.
AP
FILE - In this 2014 file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. (AP Photo/Ben Margot, File)