Wells Fargo to pay $110 million to settle lawsuits over fake accounts
On Tuesday, Wells Fargo announced it has reached a $110 million settlement covering dozens of lawsuits across the United States, in connection with employees setting up more than 2 million unauthorized accounts for customers.
The deal must be approved by a federal judge, and it comes six months after the company agreed to pay $185 million in fines and penalties as part of a settlement with the Los Angeles city attorney's office and federal regulators. Wells Fargo has ended its system of having employees hit sales targets, which regulators said caused workers to create the fake deposit and credit card accounts in order to make more money.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Today's political cartoons - March 17, 2024
Cartoons Sunday's cartoons - history repeating, the Pope's white flag, and more
By The Week US Published
-
The Week Unwrapped: Derelict homes, Welsh mines, and vinyl
Podcast What can we do about abandoned property? Are old mines still doing us harm? And what do LP sales tell us about the economy?
By The Week Staff Published
-
Dresden: on the trail of a Romantic icon in Germany
the week recommends The Saxon city celebrates the 250th birthday of Caspar David Friedrich this year
By The Week UK Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published
-
Capital One to buy Discover for $35B
Speed Read The deal, if cleared by regulators, would create the biggest credit card lender in the country
By Peter Weber, The Week US Published
-
Sports Illustrated publisher fires CEO after allegedly getting caught using AI-generated articles
Speed Read The CEO is one of several executives to be fired in the wake of the scandal
By Justin Klawans, The Week US Published