October 22, 2018 / 6:02 PM / 9 months ago

Wells Fargo to pay $65 mln to settle with NY Attorney General

Oct 22 (Reuters) - Wells Fargo & Co will pay $65 million to settle claims stemming from an investigation into the lender’s sales practices that saw it open fake accounts for customers to inflate sales metrics, the New York Attorney General’s office said on Monday.

“The misconduct at Wells Fargo was widespread across the bank and at every level of management – impacting both customers and investors who were misled,” NY Attorney General Barbara Underwood said.

Wells Fargo said in a statement it had previously accrued the penalty costs. (Reporting by Diptendu Lahiri in Bengaluru Editing by Saumyadeb Chakrabarty)

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