Civil Plaintiff
Wells Fargo Agrees to Pay $37 Million to Settle a Foreign Exchange Lawsuit
Wells Fargo (WFC) edged lower Monday after the scandal-plagued bank agreed to pay $37 million to settle claims that it overcharged over 700 commercial customers that used its foreign exchange services.
Shares of the San Francisco company were down 0.7% to $47.60 at last check.
Wells Fargo said in a statement that “this past behavior is unacceptable.”
The bank allegedly overcharged 771 businesses on foreign-exchange transactions from 2010 through 2017, according to the U.S. Justice Department lawsuit and settlement filed in federal court in New York.
The lawsuit describes a “brazen and wide-ranging fraud.”
