BREAKING: Wells Fargo to pay $3B to settle civil lawsuit over fake account scandal.
“This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope and for its blatant disregard of customer private information," said Michael Granston of the Justice Department's Civil Division.
None of the money to be paid to the government under this settlement will go to compensate victims. But officials said Wells Fargo has separately made efforts to compensate victims for potential losses -- such as fees they might have been charged or harm to their credit ratings, if any. As part of the settlement, Wells Fargo admitted that employees were pressured to sell large volumes of new products to existing customers as a way of generating more business, often with little regard for a customer's actual needs. Bank employees began calling the practice"gaming," and it included opening accounts without a customer's knowledge, issuing credit and debit cards, and moving money from existing accounts to the fraudulently opened ones.
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