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Wells Fargo Settles After Fake Account Allegations

A district court in California approved a $142 million settlement between Wells Fargo and customers after accusations of a sales scandal. So reports Reuters.  

The class action suit came after allegations that phony bank accounts were opened by the bank. Initially, Wells Fargo agreed to pay $185 million in penalties from entities, including the Consumer Financial Protection Bureau, for creating more than 2 million accounts without permission.

The number of alleged fake accounts rose to 3.5 million after further investigation into the Wells Fargo’s mortgages and foreign exchanges.

Read the full story from Reuters.

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