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Wells Fargo to pay $3B settlement over sales scandals

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Wells Fargo to pay $3B to settle sales scandalWells Fargo has agreed to pay $3 billion to the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) to settle charges over the bank’s series of sales scandals that drew unprecedented federal penalties, federal officials announced Friday.

Under the terms of the settlement, which includes $500 million in restitution for the bank’s investors, Wells Fargo admitted “that it collected millions of dollars in fees and interest to which the company was not entitled, harmed the credit ratings of certain customers, and unlawfully misused customers’ sensitive personal information.”

“This case illustrates a complete failure of leadership at multiple levels within the bank. Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way,” said U.S. Attorney Nick Hanna.

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