Banking
Sep. 10, 2016
City, county of Los Angeles settles with Wells Fargo for $50 million
The Los Angeles city attorney's office has settled with Wells Fargo & Co. for $50 million over allegations the bank opened unwanted accounts without customer knowledge.
Daily Journal Staff Writer
Wells Fargo & Co. will pay $50 million to settle allegations that it opened accounts for customers without their knowledge, then didn't remedy the problem — the largest legal penalty the Los Angeles city attorney's office says it has obtained.
The payout settles a lawsuit filed last year by Los Angeles City Attorney Mike Feuer against the largest bank in Cali...
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