Wells Fargo to pay Illinois $10.8M in multistate settlement
CHICAGO (AP) — Wells Fargo will pay Illinois nearly $11 million to resolve claims the bank violated state consumer protection laws by opening unauthorized accounts and using manipulative sales practices.
Attorney General Lisa Madigan said Friday Illinois is part of a $575 million settlement reached between Wells Fargo and 50 states and the District of Colombia.
Madigan says the bank “hit a new low when it completely deceived its customers to turn a profit.”
The bank acknowledged in 2015 that its employees had opened millions of phony bank accounts for customers to meet sales goals and sold insurance and other financial products to customers who didn’t need them.
Under the agreement, Wells Fargo must create teams to review and respond to customer complaints about its banking and sales practices.