Wells Fargo reaches US$110m set­tle­ment

New Straits Times - - Business -

SAN FRANCISCO: Wells Fargo & Co reached a US$110 mil­lion (RM486 mil­lion) set­tle­ment with cus­tomers over claims its em­ploy­ees set up fraud­u­lent ac­counts to boost their own pay. Wells Fargo agreed six months ago to pay US$185 mil­lion in fines and penal­ties as part of a set­tle­ment with fed­eral reg­u­la­tors and the

Los An­ge­les city at­tor­ney’s of­fice. The bank didn’t ad­mit or deny wrong­do­ing as part of that agree­ment. The deal cov­ers dozens of suits filed across the coun­try.

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