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Wells Fargo to pay $37.3 million to settle US claims it fraudulently overcharged customers

By Jonathan Stempel NEW YORK (Reuters) - Wells Fargo (NYSE:WFC) & Co will pay $37.3 million to resolve U.S. government claims it fraudulently overcharged commercial clients on...
Wells Fargo to pay $37.3 million to settle US claims it fraudulently overcharged customers © Reuters. FILE PHOTO: Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo

By Jonathan Stempel

NEW YORK (Reuters) - Wells Fargo (NYSE:WFC) & Co will pay $37.3 million to resolve U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank's treatment of customers.

Monday's settlement resolves U.S. Department of Justice civil fraud charges against the fourth-largest U.S. bank. It includes a $35.3 million fine plus a $2 million forfeiture.

Wells Fargo previously returned $35.3 million to customers as restitution, making its total payout nearly $73 million, court papers show.

The Justice Department said sales specialists jokingly used expressions such as "back the truck up" and "when in doubt, spread them out" when they were overcharging customers, with one referring to the sales group as a "bucket shop."

Spokespeople for the bank did not immediately respond to requests for comment. The settlement was filed with the U.S. District Court in Manhattan and requires a judge's approval.

In afternoon trading, Wells Fargo shares were down 58 cents, or 1.2%, at $47.34.

The San Francisco-based bank has been subject since 2018 to a Federal Reserve cap on assets, which must remain below $1.95 trillion until it improves its governance and risk controls.

Wells Fargo has already paid more than $5 billion in fines since the scandals began in 2016.

On Sept. 22, Fed Chair Jerome Powell said the central bank was closely monitoring the bank's efforts to address "widespread and pervasive" problems.

Powell spoke eight days after Massachusetts U.S. Senator Elizabeth Warren called for Wells Fargo to be broken up.

Monday's settlement resolves claims that Wells Fargo defrauded 771 commercial customers, including many small- and mid-sized businesses, on foreign exchange services between 2010 and 2017.

The government said Wells Fargo systematically charged higher spreads and sales margins than it promised, and encouraged the overcharges by linking specialists' bonuses to how much revenue they generated.

According to court papers, specialists also used what they called the "big figure trick" or "transposition error game" to cheat customers, such as by charging $1.0213 to buy euros instead of $1.0123, picking up an extra 89 basis points.

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29-03-2024 20:31:41 (UTC+7)

EUR/USD

1.0798

+0.0011 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0798

+0.0011 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2642

+0.0019 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

USD/JPY

151.21

-0.15 (-0.10%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

AUD/USD

0.6524

+0.0009 (+0.14%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

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USD/CAD

1.3545

+0.0007 (+0.05%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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EUR/JPY

163.27

+0.02 (+0.01%)

Summary

Sell

Moving Avg:

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Indicators:

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Sell (6)

EUR/CHF

0.9733

+0.0006 (+0.06%)

Summary

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Moving Avg:

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Indicators:

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Sell (1)

Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

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Moving Avg:

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Sell (1)

Indicators:

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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Buy (0)

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Indicators:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

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Moving Avg:

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Indicators:

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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Indicators:

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Hang Seng

16,541.42

0.00 (0.00%)

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Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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Neutral

Moving Avg:

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Sell (12)

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IBEX 35

11,074.60

-36.70 (-0.33%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Sell (1)

Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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Adidas AG

207.00

+2.30 (+1.12%)

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

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Moving Avg:

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 EUR/USD1.0798↑ Sell
 GBP/USD1.2642↑ Buy
 USD/JPY151.21Sell
 AUD/USD0.6524Sell
 USD/CAD1.3545↑ Buy
 EUR/JPY163.27Sell
 EUR/CHF0.9733↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,364
SJC HCM7,900/ 8,100
(0/ 0) # 1,384
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,386
SJC Danang7,900/ 8,102
(0/ 0) # 1,386
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,386
SJC Cantho7,900/ 8,102
(0/ 0) # 1,386
Cập nhật 29-03-2024 20:31:43
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$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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