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September 27, 2021

Posted  September 27, 2021

Wells Fargo Bank, N.A. will pay $72.6 million to resolve claims that it violated the Financial Institutions Reform Recovery and Enforcement Act (“FIRREA”) by overcharging commercial customers from 2010 to 2017 for foreign exchange (“FX”) service. The government alleged that the bank fraudulently marked up the prices on currency it was selling and marked down the prices on currency it was buying, and concealed those markups from customers through various misrepresentations and deceptive practices. The total settlement includes a $37.3 million civil penalty and forfeiture, as well as $35.3 million in restitution to customers.  USAO SDNY

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, FIRREA, Foreign Exchange, Misrepresentations,