Minnesota to Share in Wells Fargo Settlement
St. Paul (Learfield News Service) - The state of Minnesota is getting $9.3-million as part of a nationwide $575-million settlement with Wells Fargo.
Attorney General Lori Swanson said this settlement - on top of other settlements by federal regulators - is aimed to bring some measure of accountability to practices that are unacceptable for a banking institution.
The state attorneys general investigated allegations that Wells Fargo engaged in unlawful activity by opening unauthorized accounts and enrolling customers into banking services without their consent.
The bank must also pay $600-million in restitution to injured consumers.