Business Report: Lawsuits against Wells Fargo reach settlement
A settlement has been reached in lawsuits against Wells Fargo for its bad business practices.
Wells Fargo has agreed to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank’s chief executive his job.
The deal could also end 11 other class-action cases. The settlement needs approval from a federal judge in San Francisco and if approved, would provide payouts to all Wells Fargo customers who say they have been victims of the bank’s bad business practices from 2009 until now.