Since 2016, Wells Fargo has paid or set aside several billion dollars to resolve regulatory probes and litigation over business practices including opening accounts without customer permission, and charging borrowers for auto insurance they did not need.
NEW YORK -Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers.
Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show.
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