General World News

Wells Fargo to Pay $3B to Settle Fake-Accounts Scandal 

Charles Scharf  headshot, named as Wells Fargo incoming CEO,  graphic element on gray

Wells Fargo has agreed to pay U.S. regulators $3 billion to settle three investigations into the bank’s damaging fake accounts scandal, the Department of Justice said Friday.

The fine settles criminal and civil liability in the case in which the nation’s fourth-largest bank between 2002 and 2016 pressured employees to meet unrealistic sales goals that led to creating millions of accounts or credit cards without consent.

Wells Fargo admitted it collected millions of dollars in fees and interest, harmed the credit ratings of certain customers and misused personal read more >>>

Source:: VOANews.Com