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The settlement class consists of people or entities that purchased common stock in Wells Fargo between Feb. 2, 2018, and March 12, 2020, according to the lawsuit.
Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
Wells Fargo. Total settlement: $3.7 billion. Deadline to file: Undisclosed. Requirements: Must have been a Wells Fargo client with an active banking account, mortgage or auto loan between 2011 and ...
On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their ...
The settlement was filed late Thursday with the federal court in San Francisco, and requires a judge's approval. Insurers for 20 current and former Wells Fargo executives and directors, including ...
The $2.5-million fine imposed by the SEC on Wells Fargo's John Stumpf isn't even a slap on the wrist. Column: In legal settlement, Wells Fargo's discredited ex-CEO gets a wet smooch from the SEC ...
Allspring Global Investments was originally the asset management unit of Wells Fargo known as Wells Fargo Asset Management (WFAM) that was established in 1995. [2]In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after the Wells Fargo cross-selling scandal.
Since the fraud became public in 2016, the bank has faced a torrent of lawsuits.