wells 03Wells Fargo to pay $150 million-plus over allegations its workers opened fake accounts

 

This is a latimes.com article.

 

City and federal officials have reached a settlement of at least $150 million with Wells Fargo over allegations that the bank’s employees, driven by strict sales quotas, regularly opened new accounts for customers without their knowledge.

The settlement, according to documents reviewed by The Times, calls for the San Francisco banking giant to pay $50 million in penalties to local officials and to compensate account holders for fees related to bogus accounts, though the bank will not admit any wrongdoing.

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