Wells Fargo to Pay Shareholders $1 Billion to Settle Class Action Lawsuit

Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that regulators said had hurt millions of customers.

The agreement, detailed in court filings on Monday, is the latest in a succession of settlements and penalties the bank has paid stemming from a fraud scandal that came to light nearly a decade ago. From 2002 to 2016, bank employees, facing unrealistic sales goals imposed by their bosses, opened millions of accounts in customers’ names without their knowledge.

Wells Fargo removed top executives and pledged to regulators that it would fix the internal deficiencies that caused the scandal and other practices that put customers at risk.

Read the source article at nytimes.com