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Illinois is latest state to ban business with Wells Fargo

Joe Mont | October 6, 2016

The latest fallout from the ongoing Wells Fargo scandal: Illinois State Treasurer Michael Frerichs has suspended $30 billion in investment activity with the bank.

The move was made in response to the bank’s acknowledgment that employees improperly opened more than 2 million bank accounts. Frerichs also cited a Sept. 29 settlement between Wells Fargo and the Department of Justice as factoring into his decision. The bank agreed to change its policies and pay over $4.1 million to resolve allegations that it violated the Servicemembers Civil Relief Act by repossessing 413 cars owned by protected military personnel without obtaining a court order.

“We have a choice where we invest taxpayer money. We will...

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