Friday, Apr. 21, 2017

Wells Fargo ups sales practices settlement to $142 million


NEW YORK (AP) — Wells Fargo is agreeing to expand a recently settled class-action lawsuit by an additional $32 million as well as extend claims for fraudulent accounts that may have been opened going back to 2002.

Wells Fargo will now pay $142 million to customers for damages caused by any accounts opened without their customers' permission, the company said Friday. That's on top of the $185 million that Wells Fargo was fined by federal and local authorities back in September.

While the increase of $32 million is notable, the bigger news is Wells has now expanded its window for unauthorized accounts going back 15 years now. The expansion comes after the company's board of directors found that sales practices problems were happening at the bank as early as 2002.

2017-04-21 14:29:22 GMT

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