Wells Fargo to pay $1 billion in class-action lawsuit: Report

According to a report by the Wall Street Journal, the preliminary settlement has to be approved in the next few months.

According to a report by the Wall Street Journal, the preliminary settlement has to be approved in the next few months.

With this payment, the years-old lawsuit has come to an end involving Well Fargo’s former executives and a director, who have not been with the company for several years.

With this payment, the years-old lawsuit has come to an end involving Well Fargo’s former executives and a director, who have not been with the company for several years.

In 2020, Well Fargo agreed to pay $3 billion to settle US investigations pertaining to consumer abuses. The US probe agency found that Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers and foist other products on them from 2002 to 2016, often by creating false records or misappropriating their identities, the Department of Justice said at that time.

In 2020, Well Fargo agreed to pay $3 billion to settle US investigations pertaining to consumer abuses. The US probe agency found that Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers and foist other products on them from 2002 to 2016, often by creating false records or misappropriating their identities, the Department of Justice said at that time.

The probe found that Wells has opened millions of fake accounts to meet sales goals. Besides, lapses and wrongdoing surfaced across business lines including mortgages and auto lending.

The probe found that Wells has opened millions of fake accounts to meet sales goals. Besides, lapses and wrongdoing surfaced across business lines including mortgages and auto lending.

Last week a report by the New York Post stated that Wells Fargo VP Carl Nelson gave female subordinate ‘unwanted messages’ and invited her to ‘exercise and shower’ with him.

Last week a report by the New York Post stated that Wells Fargo VP Carl Nelson gave female subordinate ‘unwanted messages’ and invited her to ‘exercise and shower’ with him.

The NY Post said that former senior VP Nelson threatened to deny her job opportunities if she did not date him. He was named in a lawsuit by an unidentified woman who was promoted to the position of vice president and senior portfolio manager in 2005.

The NY Post said that former senior VP Nelson threatened to deny her job opportunities if she did not date him. He was named in a lawsuit by an unidentified woman who was promoted to the position of vice president and senior portfolio manager in 2005.

The woman alleged in court papers that Nelson, who according to the legal filing was “a superior” within the company and thus “had the authority to determine whether” she received sales calls, subjected her to “sexually explicit comments and inappropriate touching” beginning in 2016.

The woman alleged in court papers that Nelson, who according to the legal filing was “a superior” within the company and thus “had the authority to determine whether” she received sales calls, subjected her to “sexually explicit comments and inappropriate touching” beginning in 2016.

A Wells Fargo spokesperson told The Post that they take all allegations of misconduct ‘very seriously’. “We just learned of the lawsuit and are reviewing it,” the spokesperson added.

A Wells Fargo spokesperson told The Post that they take all allegations of misconduct ‘very seriously’. “We just learned of the lawsuit and are reviewing it,” the spokesperson added.