Wells Fargo Reaches $110 Million Fake Accounts Settlement
By-
Agreement may cover more than 2 million unauthorized accounts
-
Judge must still approve nationwide resolution of claims
Photographer: Patrick T. Fallon/Bloomberg
Wells Fargo & Co. reached a $110 million settlement with customers nationwide over claims its employees set up fraudulent accounts to boost their own pay, a deal that moves the bank another step toward closing the books on last year’s scandal.
Revelations that Wells Fargo employees may have opened more than 2 million deposit and credit-card accounts without customers’ permission has prompted sweeping changes at the San Francisco-based lender. The bank eliminated a system of sales targets that regulators said encouraged workers to create fake accounts. It also fired or demoted five people who had served as senior managers in the consumer business…
Wells Fargo Reaches $110 Million Fake Accounts Settlement
