Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations.
NEW YORK — Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating fake accounts opened without the knowledge of customers and a string of other dodgy practices.
Under the agreement announced Friday, the bank will also create teams to review and respond to customer complaints about its banking and sales practices.
Illinois will receive about $10.8 million of the settlement.
“Wells Fargo hit a new low when it completely deceived its customers to turn a profit,” Illinois Attorney General Lisa Madigan said in a news release. “Today’s settlement ensures Wells Fargo can no longer breach consumers’ trust and get away with it.
