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.
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Wednesday's fine was separate from previous financial penalties levied against the bank for forcing customers into buying insurance they didn't need.
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