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.
“This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” said Wells Fargo CEO Tim Sloan, said in a statement.
Wells Fargo said it will also create and maintain a website describing the issues along with contact information for customers. The company said it will provide “periodic reports” to states on remediation efforts.
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