Wells Fargo (WFC) Reaches $185M Settlement Over This

According to a statement from the Consumer Financial Protection Bureau, Wells Fargo will pay $185 million in fines and penalties in a settlement with a Los Angeles prosecutor and federal regulators.

The prosecutor and the federal regulators had accused of the largest U.S. bank by market cap, of pushing customers into multiple, fee-generating accounts that they never requested.

In the complaint filed in May of last year, California prosecutors claimed that Wells Fargo for years pushed customers into costly financial products that they did not need or even request.

Wells Fargo had opened more than 2 million deposit and credit card accounts that may not have been authorized, according to the CFPB.

Disclaimer: We have no position in Wells Fargo & Co. (NYSE: WFC) and have not been compensated for this article.