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Monday, March 30, 2020

BALTIMORE CITY CHAMBER OF COMMERCE: Wells Fargo agrees to $3B settlement for sales practice scandal

Business

By Press release submission | Feb 24, 2020

Money 02

Baltimore City Chamber of Commerce issued the following announcement on Feb. 21.

Wells Fargo & Co. has agreed to pay $3 billion in a settlement reached with the United States Department of Justice and U.S. Securities and Exchange Commission.

Wells Fargo & Co. (NYSE: WFC) has agreed to pay $3 billion in a settlement reached with the United States Department of Justice and U.S. Securities and Exchange Commission. The settlement resolves criminal and civil investigations into faulty sales practices at Wells Fargo's community bank from 2002 to 2016. Those practices involved cross-selling and unrealistic sales goals, which led employees to open as many as 3.5 million fake accounts without customers' knowledge.

Original source can be found here.

Source: Baltimore City Chamber of Commerce

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Baltimore City Chamber of Commerce

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