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Wells Fargo will pay $3 billion in penalties to resolve long-running investigations into consumer abuses that ran unchecked for more than a dozen years, costing the bank's customers millions of dollars, federal prosecutors announced Friday. The much-awaited settlement between the reputation-impaired bank and the Department of Justice is the largest yet in a slew of scandals that cost two Wells Fargo CEOs their jobs and generated billions of dollars in operating losses related to legal costs and government fines and settlements across all 50 states. As part of the accords with entities including the Securities and Exchange Commission, Wells Fargo "admitted" it collected millions in fees an... Full story

22 February