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Wells Fargo agrees to $3B settlement in fake accounts case


Added 02-21-20 05:04:03pm EST - “The DOJ slapped the bank over its fake account scandal.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Wells Fargo agrees to $3B settlement in fake accounts case”. Below is an excerpt from the article.

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Morning Business Outlook: Former Wells Fargo CEO John Stumpf has been banned for life from the banking industry and must pay $17.5 million in fines; Tinder adds new features to protect people from dangerous dates and fake profiles.

Wells Fargo has agreed to a $3 billion settlement to resolve its fake account scandal, the Department of Justice announced Friday.

As part of the settlement, the bank admitted that it wrongly collected millions of dollars in fees and interest, harmed the credit ratings of some customers and illegally used customers’ private information, officials said.

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