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Wells Fargo to Shell Out $190M in Fraud Settlement

News Roundup
Written by  PLP News

Wells Fargo will pay $190 million ($185 million in penalties and $5 million to customers) after regulators claim the bank pushed customers into fee-generating accounts they never asked to open. So reports the Reuters and CNBC.

The Consumer Financial Protection Bureau, conceived after the infamous 2008 financial fiasco, is set to take in a record $100 million of penalties. 5,300 Wells Fargo employees were fired over a five year period for participating in the practice.

Read the full story from CNBC.

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