Wells Fargo close to roughly 3 billion settlement that would end probes into sales practices
Get the Full StoryBrendan McDermid ReutersWells Fargo is nearing a deal with federal prosecutors that would settle a years-long investigation into the bank's sales practices in its banking, auto lending, and mortgage divisions, The New York Times reported.
Though a dollar figure was not disclosed, the bank has set aside 3.1 billion for legal expenses associated with the scandal.
The bank has paid 4 billion in fines and penalties since its sales scandal first broke in 2016, according to CNBC.
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Wells Fargo is close to a deal with the Securities and Exchange Commission and Justice Department that would settle probes into sales practices in the lender's banking, auto lending, and mortgage divisions, The New York Times reported Thursday, citing two people familiar with the matter.
The deal could be announced as soon as Friday, the people told The Times. The dollar amount of the settlement was not disclosed, but Wells Fargo has set aside 3.1 billion for legal costs associated with the matter, The Times reported.See the rest of the story at Business InsiderNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruptionSee Also:These are the 4 nastiest cruise shipsHere's what living in a tiny house is really like, according to people who traded their homes for minimalismBill Gates, Warren Buffett, and Oprah all use the 5-hour rule. Here's how it works, and why it's powerful.
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