Wells Fargo pays $37 million to resolve Justice Department claims it defrauded currency customers

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Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.Andrew Harrer | Bloomberg | Getty ImagesWells Fargo paid $37 million to settle a government lawsuit accusing the bank of defrauding hundreds of commercial customers.The bank allegedly overcharged 771 businesses on foreign-exchange transactions from 2010 through 2017, according to the U.S. Justice Department lawsuit filed Monday. Shares of the bank fell 1.4%.The settlement is the latest regulatory matter resolved under Wells Fargo CEO Charles Scharf, who was hired in 2019 to clean up a litany of legal woes that began with a 2016 fake accounts scandal. Earlier this month, Wells Fargo was hit with a $250 million fine on the same day it announced the resolution of a Consumer Financial Protection Bureau consent order.Wells Fargo told the commercial customers that they were being charged certain fixed rate
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