More than a dozen Wells Fargo employees were fired last month following an investigation about the bankers “fake working,” Bloomberg reported.
Tag: Wells Fargo
Companies Hit with $5B in SEC Penalties in FY 23
The Securities and Exchange Commission filed 784 enforcement actions, obtained $4.949 billion in monetary relief, including almost $1 billion returned to investors, and processed more than 18,000 whistleblower tips, the agency says in its fiscal year 2023 enforcement report.
Wall Street WhatsApp, Texting Fines Exceed $2.5 Billion
Wells Fargo & Co. and BNP Paribas SA are among firms that will pay hundreds of millions of dollars in penalties for employees using unofficial communications like WhatsApp, personal texts or email to conduct business — the latest in US regulators’ crackdown on Wall Street’s failure to keep records.
Wells Fargo Shareholders Approve Requiring Workplace Harassment, Discrimination Report
Wells Fargo & Co. shareholders approved Tuesday a proposal requiring an annual board report on the bank’s efforts to prevent workplace harassment and discrimination.
Wells Fargo Agrees to Pay $300M to Settle with Shareholders Over Auto Insurance Disclosures
Wells Fargo & Co agreed to pay $300 million to settle a shareholder lawsuit alleging the bank concealed the fact that it had pushed unnecessary insurance on auto loan customers.
Wells Fargo Hit with $3.7B Payment for Wrongfully Seized Homes and Cars
Wells Fargo has agreed to a $3.7 billion deal with regulators to settle charges that it took advantage of customers on their auto loans, mortgages and bank accounts.
Fifth Third Bank Accused of Opening Fake Accounts
Last week, Fifth Third Bank that it was facing a Consumer Financial Protection Bureau enforcement action over “alleged unauthorized account openings.” And Monday, the other shoe dropped when the CFPB said it is suing Cincinnati-based Fifth Third alleging the bank’s employees opening accounts in customers’ names without their consent in order to meet sales goals… Continue reading Fifth Third Bank Accused of Opening Fake Accounts
Wells Fargo Ends Mandatory Arbitration in Sexual Harassment Cases
Wells Fargo announced that it will no longer require employees who allege workplace sexual harassment to go to arbitration rather than court. The $1.9 trillion-asset bank changed its policy after an investment firm that advocates for progressive causes wrote a shareholder proposal focusing on the use of mandatory arbitration in sexual harassment cases. That proposal,… Continue reading Wells Fargo Ends Mandatory Arbitration in Sexual Harassment Cases
Wells Fargo Told to Pay $102.8 Million in USAA Patent Verdict Case
Wells Fargo & Co. was told to pay $102.8 million after a federal jury in Texas said in infringed United Services Automobile Association’s patents for a mobile deposit system. It’s the second trial Wells Fargo has lost against USAA. In November, a different Texas jury said the bank should pay $200 million for infringing two… Continue reading Wells Fargo Told to Pay $102.8 Million in USAA Patent Verdict Case
Wells Fargo to Pay Philly $10M to Resolve Lawsuit Alleging Lending Discrimination Against Minorities
Wells Fargo & Co. has agreed to pay the City of Philadelphia $10 million to settle a federal lawsuit that alleged that the bank discriminated against minority borrowers — an issue that has gained more attention in recent years as studies and investigations have repeatedly found the barriers to fair housing that exist for minorities… Continue reading Wells Fargo to Pay Philly $10M to Resolve Lawsuit Alleging Lending Discrimination Against Minorities