US banking giant Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit connected to financial crimes that regulators say the bank perpetrated on the American public.
The settlement stems from a series of illegal business practices that Wells Fargo systematically deployed against its customers, according to the Consumer Financial Protection Bureau (CFPB).
In December, Wells Fargo agreed to pay the CFPB a record $3.7 billion to settle charges of illegally freezing customer accounts, charging unlawful fees, opening 3.5 million customer accounts without permission and improperly seizing vehicles.
Trending: WATCH: DeSantis Shreds Woke Heckler Who Interrupted Speech
Today’s additional $1 billion class-action settlement will be paid to investors who bought Wells Fargo stock between February of 2018 and March of 2020.
The new settlement was reached with the help of a
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!