Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses
- Deal with prosecutors, SEC marks biggest fines in sales probe
- It spares criminal charges if bank continues cooperating
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Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.
The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.