Exclusive: Wells Fargo to pay at least $500 million in settlement with U.S. states

By Patrick Rucker and Imani Moise NEW YORK/RALEIGH, N.C. (Reuters) - Wells Fargo & Co will pay at least $500 million to settle claims made by U.S. states that the bank created phony accounts and other customer abuses, said a source familiar with a deal due to be announced on Friday.

Reuters December 29, 2018 00:06:29 IST
Exclusive: Wells Fargo to pay at least $500 million in settlement with U.S. states

Exclusive Wells Fargo to pay at least 500 million in settlement with US states

By Patrick Rucker and Imani Moise

NEW YORK/RALEIGH, N.C. (Reuters) - Wells Fargo & Co will pay at least $500 million to settle claims made by U.S. states that the bank created phony accounts and other customer abuses, said a source familiar with a deal due to be announced on Friday.

Two years ago, Wells Fargo agreed to pay $190 million to settle federal claims that the bank created phony customer accounts. The deal due to be announced on Friday will settle similar claims made by attorneys general from several states, including California, where Wells Fargo is headquartered, said the source.

(Reporting By Imani Moise in New York and Patrick Rucker in Raleigh, North Carolina; editing by Jonathan Oatis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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