Wells Fargo reaches $110 million class action settlement over fake accounts

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Wells Fargo reaches $110 million class action settlement over fake accounts

Wells Fargo reaches $110 million class action settlement over fake accounts

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Earlier Tuesday, Wells Fargo announced that its Community Reinvestment Act rating is being downgraded by the Office of the Comptroller of the Currency, due in part to the bank’s fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the OCC, and the city and county of Los Angeles.

But the fallout from the fake account fiasco, which stemmed from more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses, is far from over.

In fact, the bank’s financial hit from the scandal is about to get worse, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name.

[HOUSING WIRE]

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