Mississippi to get $2.5 million in Wells Fargo settlement
JACKSON, Miss. (AP) — Mississippi will get $2.5 million from a settlement between Wells Fargo and the attorneys general from all 50 states.
The San Francisco-based bank and the attorneys generals announced the settlement Friday following an investigation into fake accounts opened at Wells Fargo.
The bank acknowledged in 2015 that its employees opened millions of phony bank accounts for customers to meet sales goals and sold insurance and other products to customers who didn’t need them.
Besides paying $575 million to the states and the District of Columbia, Wells Fargo agreed to respond to customer complaints about banking and sales practices.
The bank will create a program for customers who didn’t previously get restitution, but believe they were hurt, to seek redress.
Lawsuit settlements in Mississippi are deposited in the state’s general fund.