Wells Fargo entered a deferred prosecution agreement over its fake-account scandal. The bank will pay $3 billion to settle probes by the DOJ and SEC.
Wells Fargo & Co. will pay $3 billion to settle investigations by the Justice Department and the Securities and Exchange Commission over its long-running fake-account problems, the latest chapter in an extraordinary scandal for one of the country’s largest banks.
The deal resolves civil and criminal investigations. It includes a so-called deferred prosecution agreement, where the Justice Department files, but doesn’t immediately pursue, criminal charges. It will eventually dismiss them if the bank satisfies the government’s...
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