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Wells Fargo & Co said on Monday that the U.S. Securities and Exchange Commission has begun investigating its hiring practices, after the Department of Justice had opened a related probe. In its quarterly report filed with the SEC, the fourth-largest U.S. bank said both agencies “have undertaken formal or informal inquiries or investigations regarding the […]
Hester Peirce, a Republican on the Securities and Exchange Commission, opposed the $500 million the SEC directed Wells Fargo to pay in connection with the bank’s deal with the agency and the Justice Department on Feb. 21. But she ultimately approved the SEC’s order, which laid out the commission’s allegations against Wells Fargo and included […]
Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating fake accounts opened without the knowledge of customers and a string of other dodgy practices. Under the agreement announced Friday, the bank will also create teams to review and respond to […]
As law enforcement agencies and private plaintiffs attorneys circle Wells Fargo & Co. in the wake of its sham accounts scandal, the bank and its executives have deployed a legion of defense attorneys to limit the legal fallout. Last month, the company announced in securities filings that it had set aside at least $1.7 billion […]
Wells Fargo & Co. is cooperating with an inquiry by California officials into fake accounts opened in customers’ names without their authorization, the banking giant said Wednesday. The Los Angeles Times published a search warrant served Oct. 5 by state Attorney General Kamala Harris’ office as part of a criminal investigation into whether the bank […]
In an interview for an article in the Wall Street Journal, Wells Fargo CEO John Stumpf explained that it was the fault of the over 5,300 rogue employees who engaged in the fraudulent conduct of opening over 2 million unauthorized accounts, not the bank, not the board, and certainly senior management. We know the number […]
The first lawsuit has been filed against Wells Fargo by customers following revelations that the bank collected fees for millions of unauthorized accounts. The proposed class action suit, filed in U.S. District Court in Utah on Friday, accuses the bank of invasion of privacy, fraud, negligence, and breach of contract. The three plaintiffs are asking […]
Elizabeth Warren and other senators on a banking committee will have the chance to drill the head of Wells Fargo next week over a million illegal accounts opened for customers without their knowledge, both sides said Tuesday. Wells Fargo Chairman and CEO John G. Stumpf accepted an invitation to testify before the Senate Committee on […]