Wells Fargo Bank agreed to pay a total of approximately $72.6 million in a civil fraud settlement with the United States to resolve allegations the financial institution fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange (FX) services.
Under the settlement agreement, approved Monday by U.S. District Judge John Koeltl for the Southern District of New York, Wells Fargo will pay approximately $35.3 million collectively in restitution to the customers it defrauded and approximately $37.3 million in civil penalties under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and as asset forfeiture.
