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Wells Fargo Avoids Prosecution for Sales Abuses, Pays $3 Billion

Feb. 24, 2020, 11:00 AM

Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.

The deferred-prosecution agreement with the Department of Justice spares the San Francisco-based lender a potential criminal conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.

Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts ...