US bank Wells Fargo agrees $110m lawsuit settlement

by Dramelin 5:30 PM 0 comments

Wells Fargo said it expected this latest settlement to resolve claims in 11 other pending class action lawsuits.
Last September`s fine was imposed on Wells Fargo by the US Consumer Financial Protection Bureau (CSFB), following an investigation into the bank`s sales practices.
Image copyright Ben Margot Image caption America`s biggest bank was fined $185m in September last year over the scandalUS bank Wells Fargo has agreed to pay $110m (?88m) to settle a lawsuit brought by customers who had accounts opened in their name without their permission.
The agreement comes after America`s biggest bank was fined $185m in September last year for illegally opening about two million accounts.
In a statement, Wells Fargo said the agreement would "consist of all persons who claim that Wells Fargo opened an account in their name without consent, enrolled them in a product or service without consent, or submitted an application for a product or service in their name without consent".