Wells Fargo Settles 37 Million Suit Over Defrauding Of Small And Medium Businesses
The filing by the Department of Justice in New York federal court contended that the institution made tens of millions of dollars in revenue businesses on foreign-exchange (FX) transactions between 2010 and 2017. According to the suit, Wells Fargo told these customers that it was charging them certain fixed rates but, in the background, incentivized its salespeople to “overcharge FX customers.” The bank would allegedly conceal these overcharges, reaping the financial benefits of them....