Wells Fargo reaches $37.3 million settlement of U.S. claims it overcharged clients By Reuters
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NEW YORK (Reuters) – Wells Fargo (NYSE:) & Co on Monday reached a $37.3 million settlement to resolve U.S. government accusations that it fraudulently overcharged hundreds of commercial customers who used its foreign exchange services.
A judge must approve the settlement that was filed at the U.S. District Court, Manhattan. It resolves the civil fraud charges against America’s fourth largest bank.
Wells Fargo declined to comment immediately. The bank’s shares fell 2.1% to $46.91 in afternoon trading.
Over the past five years, the San Francisco bank has been beset by numerous scandals involving its customer service. Since 2018, the Federal Cap on Asset Growth has been in place until it improves operations and supervision.
In court documents, Wells Fargo allegedly defrauded 771 customers by charging foreign exchange transactions with higher spreads or margins than promised and offering financial incentives to its salespeople to cover the excesses.
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