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Wells Fargo reaches $575M settlement over account scandal, sales issues

Dec 31, 2018 - SNL Financial

Wells Fargo Bank NA will pay $575 million to U.S. states to settle claims related to sales practices that violated state consumer protection laws, attorneys general announced Dec. 28. The settlement encompasses the bank's sales issues related to its 2016 fake account scandal and auto insurance and mortgage interest rate lock matters.

The settlement involves attorneys general from 50 states and the District of Columbia. It is the "most significant engagement" by state attorneys general acti...