Wells Fargo Will Pay $110M To Settle This

Well it looks like Wells Fargo has to shell out some more money as a result of its scandal that rocked the nation. A scandal that led to thousands of employees being fired and the bank’s own CEO John Stumpfto retiring.

The bank had been responsible for employees opening accounts for customers without getting their permission first. According to authorities, the employees, driven by high-pressure sales tactics, opened the accounts to meet unrealistic sales goals.

Wells Fargo announced this week that it will pay $110 million to settle a class-action lawsuit of over up to 2 million accounts that its employees opened without permission. Going back to Jan. 1st, 2009, the settlement will include customers who had accounts opened without their permission or had been signed up for products without permission.

The company has already paid $185 million to federal and local authorities late last year.

The $110 million settlement is the first private settlement Wells Fargo has reached since its payment to federal and local authorities.

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