Catch of the Week: Wells Fargo Pays $3 Billion, and another $35 Million, in Latest in Long Line of Government Enforcement Actions against the Bank
On February 21, 2020 the Department of Justice announced that Wells Fargo & Co. agreed to pay $3 billion to resolve civil and criminal allegations that Wells Fargo’s “cross-selling” practices led to millions of accounts being opened for customers under false pretenses and without consent. These practices allegedly led to Wells Fargo collecting millions of dollars in fees. Less than one week later, two of bank’s brokerage divisions, including the...