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.
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