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Wells avoids criminal charges with $3 billion fine
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Consumer Protection
Tuesday, February 25, 2020
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More than three years after its sales practices were cited in a state and federal enforcement action, Wells Fargo agreed to a settlement with the Department of Justice and the Securities and Exchange Commission which will result in a $3 billion fine, but no criminal charges.
As part of the settlement, Wells Fargo admitted that it collected millions of dollars in fees and interest to which the company was not entitled.
Read on for details, reaction from Wells Fargo, and much more.
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