Wells Fargo to pay $37.3 mln to settle U.S. claims it fraudulently overcharged customers

0 7
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.NEW YORK, Sept 27 (Reuters) - Wells Fargo & Co (WFC.N) will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank's treatment of customers.Monday's settlement resolves U.S. Department of Justice civil fraud charges against the fourth-largest U.S. bank, and includes a $35.3 million fine plus a $2 million forfeiture.Wells Fargo previously returned $35.3 million to customers as restitution, making its total payout about $72.7 million.The Justice Department said sales specialists jokingly used expressions such as "back the truck up" and "when in doubt, spread them out" when they were overcha
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.

At The Centre of Every Trade