Wells Fargo’s $110 Million Settlement
The latest development in the Wells Fargo saga has good news for some of its customers: The bank will pay $110 million to settle a class-action lawsuit for around 2 million accounts opened without customer permission.
The settlement, which is awaiting court approval in California, comes amid six months of continual fallout for Wells Fargo, the. To recap: Amid intense pressure to meet impossible cross-sales targets from branch managers, employees opened some 1.5 million fake bank accounts and issued over half a million credit cards without customer approval. In September, the Consumer Financial Protection Bureau , the largest on record, for the illegal practice. The bank also paid an additional $85 million in fines and agreed to refund $2.5 million to its customers for fees associated with the phony accounts.
