Wells Fargo to pay $110 million to settle lawsuits over fake accounts
On Tuesday, Wells Fargo announced it has reached a $110 million settlement covering dozens of lawsuits across the United States, in connection with employees setting up more than 2 million unauthorized accounts for customers.
The deal must be approved by a federal judge, and it comes six months after the company agreed to pay $185 million in fines and penalties as part of a settlement with the Los Angeles city attorney's office and federal regulators. Wells Fargo has ended its system of having employees hit sales targets, which regulators said caused workers to create the fake deposit and credit card accounts in order to make more money.
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Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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