SACRAMENTO – The California Attorney General joined a $575 million nationwide settlement with Wells Fargo, recovering $148.7 million for California, because of the bank’s systematic misconduct exploiting its own customers. Wells Fargo has acknowledged opening millions of deposit, credit card, and other accounts, and conducting transfers of funds without customer authorization over various periods from 2002 through 2017.
“Wells Fargo customers entrusted their bank with their livelihood, their dreams, and their savings for the future,” said Attorney General Becerra. “Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products - from bank accounts to insurance - that they never wanted. This is an incredible breach of trust that threatens not only the customers who depended on Wells Fargo, but confidence in our banking system. As our investigation found, Wells Fargo’s conduct was unlawful and disgraceful.”