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The American bank, Wells Fargo has reached an agreement with the Consumer Financial Protection Bureau, an agency of the federal government that deals with consumer protection, and will pay a total fine of $3.7 billion to settle the dispute over illegal activities committed against consumers. The charges against Wells Fargo relate to loans, mortgages and short selling.
The US bank will pay a $1.7 billion fine and repay consumers over two billion.
According to the federal agency, the bank’s illegal activity “caused billions of dollars in damages to its customers and, for thousands of customers, the loss of their vehicles and homes.”
Wells Fargo up 0.4% shortly after the opening on Wall Street.