Wells Fargo paid "more than $1.5 billion in penalties to federal and state authorities and $620 million to resolve lawsuits from customers and shareholders."
The fourth-quarter results were bolstered by a gain from writing down deferred tax liabilities - essentially money that Wells Fargo still owed to U.S. tax collectors from past years that now will likely never have to be paid.
About 10,000 small businesses were affected by the account fraud, according to sources cited by Reuters. Wells Fargo is also facing lawsuits from former employees, shareholders, and customers. The bank has said it is changing its sales practices, and recently removed the sales goal incentives ...
September 2021:Wells Fargo pays $72.6 million to settle Justice Department lawsuits after the agency found the bank overcharged hundreds of currency exchange customers. The bank would give customers “false explanations” about the erroneous fees it added to the cost to swap currencies. December 2022...
"I would like to stop seeing Wells Fargo's name in the news for getting rung up on another scandal or another problem. I want our customers to be happy with us, not generating regulatory action and lawsuits," Regina Cross, a business system consultant at the bank, told CBS MoneyWatch ea...
Shareholders bring derivative lawsuits on behalf of companies, typically when the defendants are corporate officers or board members, with proceeds going to the companies. Wells Fargo has been beset since September 2016 by scandals in several business lines over its treatment of customers, often cau...
A judge just dismissed two lawsuits accusing Wells Fargo of predatory lendingJonathan Stempel
a number that was revised upward from 2.1 million previously. additional lawsuits have been filed in cases where 570,000 car insurance customers were wrongfully charged in their accounts and approximately 20,000 people actually had their automobile repossessed when there was no reason to do this. ...
Los Angeles, CA: Wells Fargo Bank is facing an unfair business practices class action lawsuit over allegations it doesn’t refund unused fees customers are charged for a service to prepay debt cancellation on outstanding car loans when a customer’s car is wrecked. According to the ...
Wells Fargo has denied the allegations in court filings but declined to comment further. Two other recent California lawsuits, filed separately by a Wells employee and a customer, allege that Wells Fargo employees opened accounts or credit lines for customers without their authorization. Other suits ...