Wells Fargo Reaches a $35 Million Settlement Over Allegations It Wrongfully Charged Advisory Fees

Wells Fargo has reached a $35 million settlement with the U.S. Securities and Exchange Commission (SEC) over allegations it charged excessive advisory fees, Law360 reports.

The SEC recently issued a cease-and-desist order alleging Wells Fargo and its predecessor firms overcharged nearly 11,000 investment advisory accounts more than $26.9 million in advisory fees from 2002 through 2022.

Between 2002 and 2014, certain Wells Fargo investment advisor representatives reportedly agreed to reduce the standard, pre-set advisory fee rate for certain clients when they agreed to open accounts, according to the SEC.

Read the source article at Top Class Actions