The US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal
The settlement with the Justice Department and Securities and Exchange Commission, years in the making, resolves Wells Fargo's criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago. The deal does not, however, remove the threat of prosecution against current and former Wells Fargo employees.
Not out of the penalty box yetThe agreement removes a major cloud that has been hovering above Wells Fargo for years and shows the emphasis by the bank's new management to move past the scandals. Charlie Scharf, the well-respected former CEO of Visa and Bank of New York Mellon , was hired last year to get the tarnished bank back on track.But Wells Fargo's legal troubles are far from over.
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