On Tuesday, San Francisco based bank Wells Fargo announced a $110 million settlement for a class-action lawsuit brought by customers. Still requiring court approval, the settlement covers anyone who claims to be touched by Wells Fargo’s employees opening more than 2 million accounts without customer consent.
Wells Fargo paid their first private settlement late last year. In September, the bank was penalized $185 million by federal and California authorities to cover their poor sales practices.
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Unfortunately for investors, Wells Fargo’s complications might still be far ahead of them. The bank is subject to criminal investigations, further reviews which may reveal more impacted customers, and lawsuits from previous employees.