Wells Fargo to pay $110 million to settle fake account suit
NEW YORK - Wells Fargo says it will pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission.
It's the first private settlement that Wells has reached since the company paid $185 million to federal and local authorities late last year after authorities said its employees, driven by high-pressure sales tactics, opened the accounts to meet unrealistic sales goals.
The settlement, announced late Tuesday, will include customers who had accounts opened without their permission, or were signed up for a product they did not agree to, going back to January 1, 2009.
Thousands of employees had been fired over the sales practices over the years, and the scandal led the bank's CEO John Stumpf to abruptly retire.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
After outrageous remarks about officers' deaths, mayor parts ways with activist
Water was an issue at Thursday morning house fire
Man demanding answers after windshield crushed by golf ball
18-wheeler causes community power outage
EBRSO wants to remind residents to take simple precautions to avoid burglaries