NEW YORK (AP) — Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating its banking practices, which have included phony accounts and manipulative sales practices.
The total settlement amount for Mississippi is $2,538,491.41, announced Mississippi Attorney General Jim Hood.
Under the agreement announced Friday, the bank will also be required to create teams to review and respond to customer complaints about its banking and sales practices.
The bank has been under a cloud since 2015 when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals. It has also said that it sold insurance and other financial products to customers who didn't need them.
Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations.
- Mississippi to receive $2.5 million in Wells Fargo settlement
- Some Mississippi residents eligible for mortgage settlement
- Mississippi receives $1.2 million to support state parks and recreation
- UAB stroke study receives $20 million grant
- 3 Mississippi schools receive Blue Ribbon recognition
- Mississippi receiving federal grant for preschool programs
- College receives $3.6 million gift for business school
- School system in Alabama receives $1.4 million reimbursement
- Proposed industrial park, community to receive $6 million
- Historic building to receive $2 million in sale in Alabama