Wells Fargo on Friday reached a $575 million settlement with all 50 states and the District of Columbia to resolve allegations it had engaged in various abuses of its customers, including opening millions of sham accounts they did not want.
The bank also improperly charged some customers mortgage fees and enrolled others into an auto insurance program they didn’t need, resulting in thousands of cars being repossessed, according to the settlement. Under the deal, the San Francisco bank must refund customers, though it does not specify how much.
The settlement ends wide-ranging investigations that began in 2016 when Wells Fargo acknowledged firing 5,000 employees for opening sham accounts customers didn’t want in order to meet the bank’s aggressive sales goals and qualify for bonuses.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.