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HomeLatest NewsWells Fargo will pay $3.7 billion for consumer abuse and malpractice

Wells Fargo will pay $3.7 billion for consumer abuse and malpractice

Date: January 28, 2023 Time: 06:32:25

The American bank Wells Fargo will pay more than 3,700 million dollars in fines and refunds to clients in order to solve a series of complaints for alleged bad practices and consumer abuse, as announced by the country’s authorities.

The entity, which is based in San Francisco (USA), will have to compensate those affected with more than 2,000 million and pay a fine of 1,700 million, as reported in a statement by the Office for Consumer Financial Protection ( CFPB).

According to regulators, Wells Fargo – which in recent years has been involved in several scandals linked to its business practices – illegally charged fees and interest on loans and unjustified charges on bank accounts that affected millions of customers.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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