Republican governor pushes back on Wells Fargo lawsuit


Pat McCrory on Thursday pushed back on reports that he had reached a deal with Wells Fargo to resolve a lawsuit alleging the bank illegally steered clients to credit card companies.

The Charlotte-Mecklenburg official said in a statement to The Hill that the governor’s office was in “complete compliance” with the terms of a settlement reached with Wells last year.

“While we were pleased with the agreement, the Governor’s office continues to review the details of the agreement and will continue to monitor its progress,” the statement read.

It is not yet clear if the governor will announce a deal on Wednesday.

The agreement calls for the state to take on the responsibility of paying up to $1 billion in restitution to Wells Fargo, which was the subject of a 2016 federal class action lawsuit that accused the bank of helping consumers use fraudulent credit cards to purchase payday loans and other fraudulent products.

It also calls for other state officials to agree to pay the same amount to Wells, according to the statement.

Democrats, including Senate President Pro Tem Tom Apodaca, called on McCrary to cancel the settlement agreement.

“Governor Pat McCRory has to go,” said Apodacas.

“We need a leader in charge of the state of North Carolina.”

The governor is under pressure from Democratic and Republican lawmakers to announce a settlement and move forward with the probe into whether Wells Fargo engaged in predatory lending.

McCrories team has made some efforts to reach out to the plaintiffs and has made a number of public appearances to explain the settlement.

Republican lawmakers also have been pressuring the governor to announce the settlement as soon as possible.

House Speaker Tim Moore said in the past that he would have preferred a trial.