The update brings the total settlement amount to $142 million — an increase of $32 million, the bank said.
Wells Fargo announced it has expanded its settlement to include affected customers who had accounts opened in their names as far back as May 2002.
The bank was fined $185 million last year after employees were found to have opened 2 million bank and credit card accounts without getting authorization from its customers in order to meet sales quotas.
The update brings the total settlement amount to $142 million — an increase of $32 million, the bank said, which will cover fee reimbursement, compensation for damaged credit and additional compensation.
Earlier this month, the bank said it was taking back $75 million in bonuses to its top tier of executives, including CEO John Stumpf and community bank executive Carrie Tolstedt.
About 1,000 staff members were recently rehired, after the bank said it let 5,300 go because of the scandal, according to Bloomberg.
Wells Fargo customers receiving refunds from widespread scam
The company is also being sued by a number of employees in New Jersey.
A Somerset County woman has taken the bank to court, saying she was let go because she refused to take part in the scam.
In another, unrelated case, nine employees who worked as consultants are suing the company’s mortgage arm, alleging they were made scapegoats in a mortgage scheme.
Wells Fargo said in January it will be closing 400 branches across the country. It runs about 295 in New Jersey.
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Source:: New Jersey Real -Time News