Economy One of the largest US banks will pay $...

One of the largest US banks will pay $ 3 billion for fake account scandal

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The fourth largest US bank, Wells Fargo, will pay $ 3 billion to resolve a civil lawsuit and criminal proceedings filed by the country’s Department of Justice for its false account scandal, reports the Justice Department of U.S.

The bank was sanctioned with a fine for opening fraudulent bank accounts and issuing credit cards on behalf of its trusted clients without authorization. As part of the agreement, Wells Fargo admitted that, between 2002 and 2016, he falsified bank records, damaged credit ratings of clients, illegally used his personal information and improperly collected millions of dollars in commissions and interest.

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