Wells Fargo to pay $142 million in scandal settlement

A federal judge gives Wells Fargo a preliminary approval to a multi-million dollar settlement to customers affected by the banks sales practices scandal.

Wells Fargo has received preliminary approval to pay out a $142 million settlement over the banks sales practices scandal. A federal judge gave approval to the deal that would settle claims related to fraudulent accounts going back to 2002 that were opened by Wells Fargo staff without customer permission as they looked to meet unrealistic sales goals set by the company. This deal follows September’s agreement by Wells Fargo to pay a combined $185 million fine to state and federal regulators.