Wells Fargo to pay $575m settlement for setting up fake banking accounts

The bank had already been ordered to pay more than $1.2bn and the new agreement requires teams to review customer complaints

Wells Fargo will pay $575m in a settlement with attorneys general from all 50 states and the District of Columbia, who were investigating fake accounts opened without the knowledge of customers and other dubious practices.

The bank has been under a cloud since 2015, when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals. It has also said that it sold auto insurance and other financial products to customers who didn’t need them.

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Source: theguardian