![]() ![]() The Securities and Exchange Commission said $500 million of the settlement would be used to compensate investors who responded to the bank’s promotion of its “cross-sell” strategy - selling more products and services to existing customers. But officials said Wells Fargo has separately made efforts to compensate victims for potential losses - such as fees they might have been charged or harm to their credit ratings, if any. ![]() None of the money to be paid to the government under this settlement will go to compensate customers. “This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope and for its blatant disregard of customer private information," said Michael Granston of the Justice Department's Civil Division.ĭepartment officials said the bank took several steps to conceal the accounts from customers, such as forging customer signatures and preventing other Wells Fargo employees from contacting customers during routine surveys about their accounts.
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