Wells Fargo fake accounts scandal

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Wells Fargo sets aside $1.6 billion for new fake account payout

Oct 15, 2019By

Over the last few years, Wells Fargo has paid out nearly $2 billion in fines and settlements covering a myriad number of issues, most notably opening millions of fake accounts in customers’ names. That issue led to a hundreds of millions of dollars in payouts to regulators, affected customers, and shareholders over the affair. But it looks like Wells Fargo isn’t done paying its penance for the fake account scandal quite yet.