Fake Accounts

Wells Fargo to pay $3B to resolve probes into fake accounts

LOS ANGELES (AP) – Wells Fargo has agreed to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out billions in fines to state and federal regulators, reshuffled…

Wells Fargo Ups Sales Practices Settlement to $142 million

Wells Fargo is agreeing to expand a recently settled class-action lawsuit by an additional $32 million as well as extend claims for fraudulent accounts that may have been opened going back to 2002. Wells Fargo will now pay $142 million to customers for damages caused by any accounts opened without their customers’ permission, the company said Friday. That’s on top…