Home Local News WELLS FARGO AGREES TO $575 MILLION DOLLAR SETTLEMENT (Update)

WELLS FARGO AGREES TO $575 MILLION DOLLAR SETTLEMENT (Update)

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State Attorney General Tom Miller says a settlement between Wells Fargo and attorneys general from all 50 states will mean $6.18 million dollars for Iowa:

OC…………this agreement. ;14

The settlement announced Friday follows an investigation into fake accounts opened without the knowledge of customers and other questionable practices.

Wells Fargo acknowledged that employees had opened the fake accounts to meet sales goals.

Assistant Attorney General Patrick Madigan says bad human behavior is often driven by incentives:

OC………….substantial misconduct. :11

Wells Fargo is Des Moines largest employer with around 14,000 workers.

Besides paying $575 million to the states and the District of Columbia, Wells Fargo agreed to respond to customer complaints about its banking and sales practices.

Miller says the state’s share of the settlement will go to Iowa’s Consumer Education and Litigation Fund.

Nebraska Attorney General Doug Peterson says his state’s share of the settlement will be $5.2 million.

South Dakota receives 1.8 million dollars.

Radio Iowa contributed to this story Updated 2:55pm 12/30/18

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A settlement between Wells Fargo and attorneys general from all 50 states will mean more than $6 million for Iowa.

Wells Fargo and the attorneys generals announced the settlement Friday following an investigation into fake accounts opened without the knowledge of customers and other questionable practices.

Besides paying $575 million to the states and the District of Columbia, Wells Fargo agreed to respond to customer complaints about its banking and sales practices.

Iowa Attorney General Tom Miller says the state’s share of the settlement will be $6.18 million. The money will go to Iowa’s Consumer Education and Litigation Fund.

Nebraska Attorney General Doug Peterson says the state’s share of the settlement will be $5.2 million.

South Dakota will receive 1.8 million dollars.