September 29, 2016 / 7:41 PM / 10 months ago

U.S. reaches $4 mln settlement with Wells Fargo over car repossession

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WASHINGTON, Sept 29 (Reuters) - Wells Fargo Bank, a unit of Wells Fargo & Co, has agreed to pay more than $4.1 million to resolve allegations it illegally repossessed cars owned by members of the U.S. military, the Justice Department said on Thursday.

The bank, doing business as Wells Fargo Dealer Services, has also agreed to change its policies after the Justice Department alleged it repossessed 413 cars owned by servicemembers without obtaining a court order, the department said in a news release.

Reporting by Eric Beech; Editing by Mohammad Zargham

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