Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement

By: fortune.com 1 year ago
Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement

The bank has also launched internal probes, fired over 5,000 employees, and apologized to customers.

News Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement

About Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement

Online Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement
How Wells Fargo Adding $32 Million to Its Fake Accounts Class Action Settlement

Wells Fargo said it would expand its class action settlement related to the lender’s retail sales practices to include customer accounts as early as May 2002.

The lender said it would add $32 million to the previous agreement for a total settlement of $142 million.

“The expansion of this agreement is another important step to make things right for our customers,” said Tim Sloan, Wells Fargo’s Chief Executive Officer.

Wells Fargo wfc has been working to win back customer confidence following a sales scandal at its retail banking business and has paid a $185 million fine to the U.S. government.

The settlement, announced in September, hammered the bank’s share price and led to the resignation of then-Chief Executive John Stumpf.

The San Francisco-based lender has since then launched internal probes, fired more than 5,000 employees, apologized to customers, changed compensation plans and scrapped sales targets to win back customer confidence.

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