Wells Fargo Executives Knew How To Get Their Car Insurance Program For Lawsuit

And, according to the allegations in the new lawsuit, it was not just some (Duh.) Reuters reports that company executives were warned that the plan "could be overcharging customers" in September 2016.

Several executives, including then-General Counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws in the auto insurance program that was ended in 2016, according to a class-action lawsuit that were unsealed on Monday.

A Wells Fargo official declined to comment on the allegations in the lawsuit.

"We have been reviewing customer accounts and developing a remediation plan – which we hope to finalize very soon," said spokeswoman Natalie Brown.

But here's the wild part, according to the Reuters report: The lawsuit claims the bankruptcy of the bankruptcy of the world. presentation on the figure. Yikes.

Here's where Wells' repayment progress is, via Reuters:

Wells Fargo would have cost $ 64 million, but that figure has been calculated. In the third quarter, Wells Fargo set aside $ 241 million for those affected customers.

Its auto insurance abuses are part of a wider scandal over Wells Fargo's treatment of customers. The bank revealed over two years ago that it opened up millions of phony accounts in customers' names with their permission to hit sales targets.

Let's hope that "re-establishment" in 2018 runs deep.

2nd Gear: Volkswagen Could Up Its EV Production in German Plants

Volkswagen could boost production of electric vehicles at its higher-cost plants in Germany, but not for the scenic views or fresh, diesel-air-it's to make sure the factories have enough workload and to avoid any clashes with powerful unions, at least According to unnamed sources cited by Bloomberg.

Volkswagen spokespeople declined to comment on Bloomberg's report.

Bloomberg reports that the talks are in preparation for Volkswagen's annual investment planning that the automaker will discuss at a supervisory board meeting next week. Here's what can go down in the future, from the story:

VW plans to boost battery-vehicle production at Zwickau in Eastern Germany beyond 100,000 vehicles annually and might add e-cars in Emden, said the people. VW has repeatedly idled Emden for some days because of the demand for the mid-size Passat sedan. The plan raises the bar on efforts to provide more affordable batteries than Tesla Inc. without eroding profits.

The Zwickau site could be expanded to 300,000 electric vehicles, Frankfurter Allgemeine Zeitung reported Tuesday, beyond a plan for 100,000 electric cars in 2020. The Passat, ranking fifth of VW's best-selling vehicles last year, will cease production in Germany altogether by 2022 , Hannoversche Allgemeine Zeitung said.

The story is about the early "labor unions" claim, they're powerful at German companies, "where do you have representatives to make up half of the supervisory board."

3rd Gear: BMW's Spending a Whole Lot of Money on R & D

BMW had a 27-percent drop in operating profit in the third quarter, thanks in part to dumping a whole lot of cash into new-car development. We've known that the company's research-and-development budgets have been made so much, since Automotive News Europe reported that BMW was dumping serious cash into R & D for electric and autonomous technology.

But BMW thought then that the extra R & D costs would pay off, and it still seems confident now. In addition to the technology, Reuters reports said the company is for the money into development of the new X5, X7 and 8 Series. It's about to be paid for the new 3 Series, too, amid global tariffs and price wars.

Here's the company's outlook for the near future, though, via Reuters:

"Chief Financial Officer Nicolas Peter said in a call to discuss earnings, without giving details.

"Despite the difficult conditions, we are still targeting a free cash flow for the full year," added Peter.

"In light of the current challenges, this will be an easy task."

How about this, BMW: Give the new M3 a stick, and we'll agree on the other way to your earnings for the next year. Sounds like a fair deal.

4th Gear: NHTSA Ends Investigation Into Nearly 50,000 Ford Police Vehicles

The U.S. National Highway Traffic Safety Administration is doing a good job of investigating traffic accidents in the United States.

Here's the deal, from Reuters:

The probe, opened in April 2015, was prompted by reported incidents of the front brake hose failure in 2015 Ford Explorer Police Interceptor vehicles used by the Sacramento Police Department in its pursuit driving training program. The agency said Tuesday it was not confirmed any incidents of failures caused by overheating in vehicles outside the training program.

The probe might have been opened in 2015 for the 2015 models, but that was not the first time we heard about potential brake issues on the Interceptors. Issues also came up with the 2013 model, when there were reports of problems with front brake hoses. Perhaps they are not good at it.

5th Gear: How The Midterms Shook Up Cars

Now that the 2018 elections are over, we can start the 2020 elections. Hooray! I will be hiding under a rock if anyone needs me.

Anyway, Automotive News called the midterms-which saw Democrats taking control of the U.S. House of Representatives but not the Senate-a "mixed bag" for those Dems interested in regulating the auto industry:

Sen. Claire McCaskill, D-Mo., Who's publicly scolded General Motors in 2014 for its slow response recalling vehicles with defective ignition switches to at least 19 deaths, lost to Missouri's 38-year-old attorney general Josh Hawley. The incumbent was also a vocal critic of the deadly Takata airbag crisis, saying it jeopardized by underplaying the risk before being forced to undertake the major recall in automotive history.

Sen. Bill Nelson, D-Fla., The ranking member of the Commerce Committee, has also been working on the issue of NHTSA over the pace of Takata airbag inflator recalls. On Wednesday morning his race was too close to call.

More at this link, if you're curious.

Reverse: The First Shipment by Air

While those of us are celebrating their birthday, we are celebrating their birthday. According to the Michigan State University Library, the first air freight delivery has been on Nov. 7, 1910-more than 100 years ago.

That day, a guy named Philip Parmelee, who learned to fly from Orville Wright, "carried a bundle of silk in an hour-long flight," according to the library.

Neutral: Will The Midterms Have a Big Effect On The Car Industry?

We've seen voters in South Carolina did not care much about the proposed tariffs of their livelihood at the BMW plant. What, if anything, changes in this volatile industry after last night?