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.”

Read the source article at Stock Market

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