Santander Inks $550M Subprime Loan Settlement In 34 States

Law360 (May 19, 2020, 6:10 PM EDT) -- A Santander Group consumer finance unit reached a $550 million settlement with 34 states over allegations that it pushed risky subprime auto loans without adequate oversight, creating higher chances that consumers would default and have their vehicles repossessed, a coalition of state attorneys general announced Tuesday.

Led by Illinois Attorney General Kwame Raoul, the coalition struck a deal that will require Santander Consumer USA Inc. to pay $65 million in restitution for some consumers, and forgive up to $498 million in loans. The lender will also pay $5 million in civil penalties and $2 million for a settlement administrator to handle...

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