Wells Fargo News

Wells Fargo to Pay $3B to U.S. to Settle Fake Accounts Scandal

Wells Fargo & Co. has agreed to pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the …

Wells Fargo Agrees to Halt Forced Arbitration for Sex Harassment Claims

Wells Fargo & Co. on Wednesday ended its forced arbitration policy for employee sexual harassment claims, opening the lender to potential lawsuits in the future. The San Francisco-based bank made the decision following a shareholder proposal from Clean Yield Asset …

Wells Fargo Settles Navajo Nation Claims Over Fake Accounts for $6.5 Million

Wells Fargo & Co. will pay the Navajo Nation $6.5 million to settle a lawsuit over “predatory and unlawful practices” by the bank, the Native American tribe said on Thursday. The Navajo Nation sued Wells Fargo in federal and tribal …

Wells Fargo Settling California Car Loan Suit for $385M

Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for costly car insurance without their consent, resulting in many having their vehicles repossessed. The bank …

Meeting Between Regulators, Employees Helped Set Stage for Wells Fargo CEO Exit

The day after former Wells Fargo & Co. Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees. At the meeting on March 13, which has not been …

Wells Fargo CEO Grilled at Congressional Hearing Probing Customer Abuse Scandal

Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the …

Fund Manager LJM Sues to Find Those Behind Market Volatility Losses

LJM Partners Ltd. on Friday filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year’s jump in stock market volatility that effectively put the fund manager out of business. LJM …

$10M Penalty in Wells Fargo California Case, Can’t Do New Business Until at Least 2020

Wells Fargo has agreed to pay a $10 million penalty as part of a settlement agreement with the California Department of Insurance. The settlement with the CDI, announced on Wednesday, resolves the department’s accusation alleging improper insurance sales practices related …

Fed Chair Says Wells Fargo Must Address Risk Management Before Any Growth

Wells Fargo & Co. must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve. In February, the Fed …

Class Action Claiming Wells Fargo Made Robocalls Seeks Triple Damages

A proposed class action lawsuit in San Francisco federal court accuses Wells Fargo of making tens of thousands of automatically dialed, or “robo,” calls to cell phones without consumers’ consent. Filed on Thursday on behalf of a nationwide class, the …