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Violation Tracker Individual Record

Company: Wells Fargo
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $50,000,000
Year: 2016
Date: September 8, 2016
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Mega-Scandal: Bogus Bank Accounts
Violation Description: Wells Fargo agreed to pay $50 million in civil penalties in settlement of allegations it opened accounts without the customers' consent and without informing them, leading to unwanted fees and financial consequences. Federal agencies separately settled these allegations at the same time.
Level of Government: local
Action Type: agency action
Agency: Los Angeles (CA) City Attorney
Civil or Criminal Case: civil
Private Lawsuit Resolution Type: settlement
Facility State: California
Facility County: Los Angeles
Facility City: Los Angeles
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.