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Wells Fargo Just Reached a $110 Million Settlement Over Its Fake Account Scandal

March 28, 2017, 10:27 PM UTC
Wells Fargo Atm
A man uses a Wells Fargo Automated Teller Machine (ATM) outside headquarters of Wells Fargo Capital Finance, the commercial banking division of Wells Fargo Bank, in the Financial District neighborhood of San Francisco, California, September 26, 2016. (Photo via Smith Collection/Gado/Getty Images).
Smith Collection—Gado/Getty Images

(NEW YORK) — Wells Fargo says it will pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission.

It’s the first private settlement that Wells has reached since the company paid $185 million to federal and local authorities late last year after authorities said its employees, driven by high-pressure sales tactics, opened the accounts to meet unrealistic sales goals.

The settlement, announced late Tuesday, will include customers who had accounts opened without their permission, or were signed up for a product they did not agree to, going back to January 1, 2009.

Thousands of employees had been fired over the sales practices over the years, and the scandal led the bank’s CEO John Stumpf to abruptly retire.