Wells Fargo To Pay $575M In Phony Accounts Suit

Bloomberg reports:

Wells Fargo will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and committed other customer abuses, according to a statement by the Iowa attorney general’s office.

Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer account, and improperly referred and charged customers for various financial services products.

The deal announced on Friday will settle similar claims by attorneys general from all 50 states and the District of Columbia.