Local News


Nevada to receive $13.3M under settlement with Wells Fargo

Posted at 10:05 PM, Dec 28, 2018
and last updated 2018-12-29 01:05:15-05

CARSON CITY (AP) — Nevada stands to receive over $13.3 million from Wells Fargo & Co. under a $575 million multistate settlement to resolve claims that the bank violated state consumer protection laws.

The state Attorney General's Office and Wells Fargo separately announced the settlement Friday, with Wells Fargo CEO and President Tim Sloan saying his company is making a "serious commitment to making things right in regard to past issues" while working "to build a better bank."

Nevada Attorney General Adam Laxalt said the settlement protects Nevadans from deceptive practices while holding Wells Fargo accountable for conduct that included opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent.

Under the settlement, Wells Fargo will create a consumer redress review program.