Wells Fargo increases class action lawsuit by $32M - WAOW - Newsline 9, Wausau News, Weather, Sports

Wells Fargo increases class action lawsuit by $32M

Posted:
CNN-- -

(CNN)-- It's going to cost Wells Fargo bank more money to settle its fake accounts scandal.

The troubled banking giant says it's adding $32-million to the settlement.


That makes the total amount $142-million.


Wells Fargo says the settlement now includes customers affected by the scandal as early as may of 2002.


The bank has been under fire ever since it was revealed last year that up to two-million fake accounts were opened to meet unrealistic sales targets.


Wells Fargo has fired more than five-thousand employees in connection to the scandal.


However, CEO Tim Sloan says the bank has re-hired about a thousand people who left Wells Fargo for being uncomfortable with the bank's sales goals and culture.

Powered by Frankly