Wells Fargo settles $72.6 million fraud lawsuit for misleading clients

Wells Fargo agreed to a $72.6 million settlement Monday for overcharging and deceptive financial institution clients about international change charges from 2010 to 2017.

About half of the settlement ($35.3 million) will likely be paid on to the 771 clients affected by the fraud, and roughly $37.3 million will likely be paid to america as civil penalties for violating monetary rules, in line with the U.S. Lawyer’s Workplace for the Southern District of New York.

“We all put trust in our banking institutions to deal with us honestly, fairly and transparently when we are their customers. For the better part of a decade, Wells Fargo abused this trust, using tricks, false information and other deceptive practices to fraudulently overcharge customers who used the Bank’s foreign exchange service,”  U.S. Lawyer Audrey Strauss mentioned in a information launch.