Wells Fargo to pay $575 million in settlement with U.S. states

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Wells Fargo to pay $575 million in settlement with U.S. states

Wells Fargo to pay $575 million in settlement with U.S. states

Reuters-

Wells Fargo & Co (WFC.N) will pay $575 million to settle claims made by U.S. states, the latest settlement as the bank works to resolve lingering investigations and legal battles stemming from its sales-practices scandal and to remove a punitive asset cap.

Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer accounts. Since then, the bank has racked up over $2 billion in penalties as other issues were discovered across most of its business lines.

Friday’s settlement resolves claims by all 50 states and the District of Columbia related to the accounts, as well as claims that the bank improperly referred and charged customers for a number of financial products like auto and life insurance. “Instead of safeguarding its customers Wells Fargo exploited them,” California Attorney General Xavier Becerra said in a statement. “This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system.”

[REUTERS]

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