{"id":6134,"date":"2021-10-19T10:00:00","date_gmt":"2021-10-19T15:00:00","guid":{"rendered":"https:\/\/hoorfarlaw.com\/blog\/?p=6134"},"modified":"2021-09-30T16:39:58","modified_gmt":"2021-09-30T21:39:58","slug":"wells-fargo-to-pay-37-3-million-to-settle-u-s-claims-it-fraudulently-overcharged-customers","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=6134","title":{"rendered":"Wells Fargo to Pay $37.3 Million to Settle U.S. Claims It Fraudulently Overcharged Customers"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2017\/10\/WELLS-FARGO.jpg\"><img decoding=\"async\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2017\/10\/WELLS-FARGO.jpg\" alt=\"\" class=\"wp-image-3674\" width=\"-127\" height=\"-127\" srcset=\"https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2017\/10\/WELLS-FARGO.jpg 325w, https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2017\/10\/WELLS-FARGO-150x150.jpg 150w, https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2017\/10\/WELLS-FARGO-300x300.jpg 300w\" sizes=\"(max-width: 325px) 100vw, 325px\" \/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Wells Fargo &amp; Co. will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank&#8217;s treatment of customers. Yesterday&#8217;s settlement resolves U.S. Department of Justice civil fraud charges against the fourth-largest U.S. bank, and includes a $35.3 million fine plus a $2 million forfeiture. Wells Fargo previously returned $35.3 million to customers as restitution, making its total payout about $72.7 million. The Justice Department said that sales specialists jokingly used expressions such as &#8220;back the truck up&#8221; and &#8220;when in doubt, spread them out&#8221; when they were overcharging customers, with one referring to the sales group as a &#8220;bucket shop.&#8221; Wells Fargo declined to comment, pending required approval of the settlement by U.S. District Judge John Koeltl in Manhattan federal court. The San Francisco-based bank has been subject since 2018 to a Federal Reserve cap on assets, which must remain below $1.95 trillion until it improves its governance and risk controls. Wells Fargo has already paid more than $5 billion in fines since the scandals began in 2016.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Struggling financially? Call us at 816-524-4949 or visit our <a href=\"https:\/\/hoorfarlaw.com\">website<\/a> to schedule a consultation.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo &amp; Co. will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank&#8217;s treatment of customers. Yesterday&#8217;s settlement resolves U.S. Department &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=6134\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6134","post","type-post","status-publish","format-standard","hentry","category-general"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6134"}],"version-history":[{"count":2,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6134\/revisions"}],"predecessor-version":[{"id":6136,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6134\/revisions\/6136"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}