NEW YORK — NEW YORK (AP) - Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating its banking practices, which have included phony accounts and manipulative sales practices.
Under the agreement announced Friday, the bank will also be required to create teams to review and respond to customer complaints about its banking and sales practices.
If you want to receive BREAKING ALERTS, please download our WPXI News App. You can also follow WPXI on Facebook and Twitter.
The bank has been under a cloud since 2015 when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals. It has also said that it sold insurance and other financial products to customers who didn't need them.
Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations.
CLICK HERE for more information from the Pa Attorney General's Office.
TRENDING NOW:
- Steelers sign kicker Matt McCrane, place Chris Boswell on IR list
- Child safe, man in custody after abduction in O'hara Township
- 40-year-old Doritos bag found during nature trail cleanup
- VIDEO: Woman wants back dog that went missing, was adopted by someone else
- DOWNLOAD the Channel 11 News app for breaking news alerts
Associated Press
/cloudfront-us-east-1.images.arcpublishing.com/cmg/XCUXZC2XYZHCRGNNGKFEX6U3LQ.png)
