United States v. Complaint Against John Doe, et al.

Wells Fargo & Company and its subsidiary agreed to pay $3 billion to resolve allegations of widespread consumer and small business lending fraud occurring between 2010 and 2017.

The U.S. Department of Justice filed a civil lawsuit against Wells Fargo & Company and Wells Fargo Bank, N.A. for misconduct involving over $1.2 billion in lending fraud. The charges included opening millions of unauthorized accounts, making false statements to regulators, and misrepresenting loan terms. To resolve the case, the company agreed to pay $3 billion in penalties and implement enhanced compliance measures.

The U.S. Department of Justice initiated a civil lawsuit against Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., regarding widespread misconduct. Between 2010 and 2017, the company engaged in consumer and small business lending fraud totaling over $1.2 billion. The allegations included the creation of millions of unauthorized accounts, misrepresenting loan terms to customers, and providing false statements to regulators. To settle these allegations, Wells Fargo agreed to a $3 billion payment. This settlement also mandates the implementation of reforms, including enhanced compliance measures and consumer relief programs. The resolution aims to address the systemic issues identified during the period of fraudulent activity.