The bank reached a deal to settle inquiries into a range of practices, the latest chapter in its long-running legal woes.
Wells Fargo has agreed to pay $575 million to resolve investigations by all 50 states and Washington, D. C., into a range of practices, the latest chapter in the bank’s long-running legal problems.
The deal ends investigations that began after federal regulators revealed in September 2016 that Wells Fargo employees had for years opened millions of unauthorized bank accounts in customers’ names. The employees said they had done so because they feared losing their jobs if they could not meet the bank’s aggressive sales goals.
The agreement comes after New York reached a separate, $65 million settlement with Wells Fargo in October over the sham accounts, and after the bank paid $1 billion in April to settle federal charges related to its handling of mortgages and auto loans.
