Wells Fargo & Co. has agreed to pay $110 million to settle a dozen class actions brought after the San Francisco bank disclosed that its employees had opened unauthorized accounts on behalf of about 2 million of its customers in order to meet sales quotas.
“This agreement is another step in our journey to make things right with customers and rebuild trust,” said Wells Fargo CEO Tim Sloan. “We want to ensure that each customer impacted by our sales practices issue has every opportunity for remediation, and this agreement presents an additional option.”
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