Wells Fargo will pay $2.09 billion to settle a case in which the bank was accused of misrepresenting mortgage loan quality, the Department of Justice announced Wednesday.
The bank was under investigation for allegedly creating and selling loans that it knew contained misleading information about buyer incomes, reports CNBC. Wells Fargo did not admit to liability in the settlement, which regarded activity over the past decade.
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.
-
El Salvador scraps term limits, boosting Nayib BukeleSpeed Read New constitutional changes will allow presidents to seek reelection an indefinite number of times
-
Trump assigns tariffs, delays all except on CanadaSpeed Read A 35% tariff on many Canadian goods has gone into effect
-
'Crony capitalism is a sharp break from free market ideals'Instant Opinion Opinion, comment and editorials of the day
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
