Wells Fargo agreed to a $575 million nationwide settlement over its opening of millions of unauthorized customer accounts and other alleged predatory practices, the bank and US authorities announced Friday. The agreement between the bank and attorneys general from the 50 states plus the District of Columbia covers a series of scandals that have dogged the big US bank since 2016, when it was fined $185 million by US regulators over its so-called fake accounts scandal.
Wells Fargo, which replaced its chief executive and overhauled its system for compensating staff in the wake of the debacle, said the deal "underscores our serious commitment to making things right in regard to past issues as we work to build a better bank."