Articles by Hannah Levitt

Wells Fargo Will Pay $65M Penalty to New York Over Cross-Selling Practices

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to …

Banks on Alert After FBI Warning of Cyber Attacks on ATMs

Banks are on alert for new attacks targeting cash in ATMs after the Federal Bureau of Investigation warned U.S. lenders last week of a potential threat. “The FBI routinely advises private industry of various cyber-threat indicators observed during the course …

Wells Fargo Agrees to Pay $2.09B to Settle U.S. Probe into Mortgage Sales Abuses

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced …

Wells Fargo Begins Refunds of Add-On Product Fees

Wells Fargo & Co. is issuing refunds for monthly fees it charged on so-called add-on products that customers may not have fully understood. “We are reviewing add-on products sold to consumers by the bank or its service providers and if …

Wells Fargo to Pay $480M to Settle Investors’ Suit Over Fake Accounts

Wells Fargo & Co. agreed to pay $480 million to settle a class-action lawsuit in which investors accused the bank of securities fraud related to its fake-account scandal. The settlement resolves the main class-action suit brought by shareholders targeting the …

Insurers Face Potential $1 Billion in Claims for Las Vegas Mass Shooting

The deadliest mass shooting in modern U.S. history is adding to soaring costs for insurance companies, which are already taking a beating this year from an onslaught of hurricanes, earthquakes and wildfires. The industry may have to shell out more …