Civil Litigation,
Banking
Feb. 24, 2020
Wells Fargo agrees to $3 billion payment over accounts misconduct
“This case illustrates a complete failure of leadership at multiple levels within the Bank,” said California Central District U.S. Attorney Nicola T. Hanna in a statement Friday. “Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way.”
Wells Fargo agreed to a $3 billion payment to resolve criminal and civil investigations into its practice of opening authoritized accounts in the names of unsuspecting customers, the U.S. Department of Justice announced Friday.
"This case illustrates a complete failure of leadership at multiple levels within the bank. Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of cus...
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