Wells Fargo pays $575 million to settle state investigations

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FILE- In this May 17, 2018 file photo, the logo for Wells Fargo appears above a trading post on the floor of the New York Stock Exchange. Wells Fargo is paying $575 million as part of deal to resolve investigations by every state into its banking practices, which have included creating phony accounts and using […]

NEW YORK (AP) – Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating its banking practices, which have included phony accounts and manipulative sales practices.

Under the agreement announced Friday, the bank will also be required to create teams to review and respond to customer complaints about its banking and sales practices.

The bank has been under a cloud since 2015 when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals. It has also said that it sold insurance and other financial products to customers who didn’t need them.

Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations.

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