Wells Fargo expands settlement to include more customer accounts

Wells Fargo expands settlement to include more customer accounts

REUTERS: Wells Fargo Co said it would 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 US$32 million to the previous agreement for a total settlement of US$142 million.”The expansion of this agreement is another important step to make things right for our customers,” said Tim Sloan, Wells Fargo’s Chief Executive Officer.Wells Fargo has been working to win back customer confidence following a sales scandal at its retail banking business and has paid a US$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…