Items Tagged with 'Fake Accounts'

ARTICLES

  • Court approves Wells Fargo’s $480 million settlement for allegedly lying about fake accounts

    Shareholders accused bank of lying about “cross-selling” tactics
    Wells Fargo will pay $480 million to a group of the bank’s shareholders as part of a class action settlement for allegedly lying about the sales practices that led to the bank’s massive fake accounts scandal. The shareholders claimed that the bank and its executives made “misrepresentations and omissions” about the bank’s “cross-selling” business model, where bank employees were rewarded for getting customers to open up multiple accounts.
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  • More trouble for Wells Fargo? Top execs take “leave of absence” amid ongoing investigations

    Chief administrative officer, chief auditor removed from bank’s operating committee
    Wells Fargo’s troubles appear to be far from over. The once-impenetrable megabank announced Wednesday that two of its top executives are taking “leaves of absence” for an unspecified length of time and will no longer serve on the company’s operating committee. According to the bank, their leaves of absence are related to “previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices.”
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  • Wells Fargo to pay $65 million for allegedly lying to investors about fake accounts

    Reaches settlement with New York over millions of accounts opened without customer authorization
    Wells Fargo's had a rough last few years, and it doesn't appear be getting any better. New York Attorney General Barbara Underwood announced Monday that the megabank has been ordered to pay a $65 million penalty, , following an investigation into the bank's controversial "cross-selling" tactics, which led to the bank opening millions of accounts in customers' names without their permission.
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  • New Mexico sues Wells Fargo for opening up fake accounts

    Attorney General Hector Balderas follows through on threat to sue bank
    Back in November, New Mexico Attorney General Hector Balderas threatened to sue Wells Fargo over the bank allegedly opening up thousands of fake accounts in the state’s residents' names, and now, Balderas is following through on that threat.
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  • Court finally approves Wells Fargo’s $142 million fake account class action settlement

    It’s finally final
    A federal court has finally given final approval to Wells Fargo’s $142 million class action settlement for the bank’s customers who had a fake account opened in their name. The final approval comes nearly a year after the settlement received preliminary approval by the judge overseeing the lawsuit, and more than a year after the settlement was first announced.
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  • Wells Fargo agrees to pay $480 million to shareholders to settle fake accounts suit

    Settlement reached in pending class action suit over bank’s sales practices
    The fallout from Wells Fargo’s fake accounts scandal is not finished yet. The bank announced Friday afternoon that it reached a new settlement over its sales practices and will pay $480 million to a group of shareholders who accused the bank of making "certain misstatements and omissions" in the company’s disclosures about its sales practices.
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  • Wells Fargo extends deadline to take part in $142 million fake account settlement

    Deadline was February 3, new deadline is July 7
    It’s been a busy day in the settlement department for Wells Fargo. Early Friday, the bank was fined $1 billion by the CFPB and the OCC for mortgage lending and auto insurance abuses. And late Friday afternoon, the bank notified customers that it is extending the deadline to participate in the bank’s $142 million fake account class action settlement.
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  • Wells Fargo pays $3.25 billion in Q4 for mortgage regulatory investigations, sales practices

    Mortgage banking creates pull on bank’s income
    2017 has been quite a year for Wells Fargo, as it continued to face fallout from its massive fake accounts scandal. Now, the bank’s fourth quarter earnings show Wells Fargo paid a total of $3.25 billion in pre-tax expenses for litigation accruals on a variety of matters including mortgage-related regulatory investigations, sales practices and other consumer-related matters.
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  • New Mexico wants damages from Wells Fargo over fake accounts

    AG Hector Balderas seeking to have state’s victims paid back
    The states of California and Ohio aren’t quite ready for things with Wells Fargo to go back to normal in the wake of the bank’s fake account scandal – and it looks like New Mexico isn’t either. The state's attorney general wants damages from the bank on behalf of the state’s residents that were affected by Wells Fargo’s actions.
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