Minnesota to get $9.3M in Wells Fargo settlement
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The state of Minnesota will receive $9.3 million as part of a national settlement with Wells Fargo.
The settlement follows an investigation by attorneys general around the country into allegations Wells Fargo opened unauthorized accounts and enrolled customers in banking services without their consent. Other allegations involve improper referrals for various kinds of insurance.
The $9.3 million is Minnesota's share of a $575-million settlement which includes all 50 states. Wells Fargo is already paying over $1 billion in civil penalties to the federal government and about $600 million in restitution to affected customers.
In a statement, Minnesota Attorney General Lori Swanson said the multiple settlements are "aimed to bring some measure of accountability to practices that are unacceptable for a banking institution."
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