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Wells Fargo expands settlement to include more customer accounts

Reuters logo Reuters 4/21/2017 Sweta Singh in Bengaluru

Related video: Wells Fargo Is Clawing Back More Money From Former Execs (provided by Fortune)

Wells Fargo says it will expand its class-action settlement related to the lender's retail sales practices to include customer accounts as early as May 2002.

The lender said it would add $32 million to the previous agreement for a total settlement of $142 million.

"The expansion of this agreement is another important step to make things right for our customers," said Tim Sloan, Wells Fargo's CEO.

Wells Fargo has been working to win back customer confidence after a sales scandal at its retail banking business and has paid a $185 million fine to the U.S. government.

The settlement, announced in September, hammered the bank's share price and led to the resignation of then-chief executive John Stumpf.

The San Francisco lender has since then launched internal probes, fired more than 5,000 employees, apologized to customers, changed compensation plans and scrapped sales targets to win back customer confidence.


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