TLDR: Wells Fargo are being fined for making fake accounts.
From the article.
Wells Fargo & Co (WFC.N) will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and other customer abuses, according to a statement by the Iowa attorney general's office.
Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer accounts. The deal announced on Friday will settle similar claims made by attorneys general from all 50 states and the District of Columbia. The settlement was reported earlier by Reuters.
link - https://finance.yahoo.com/news/exclusive-wells-fargo-pay-least-170214629.html
Submitted December 28, 2018 at 12:59PM by DaDaDaonald http://bit.ly/2CEbfbV
