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Wells Fargo CEO forfeits $41M; DOL launches labor law investigations

Joe Mont | September 28, 2016

The latest developments in the ongoing Wells Fargo scandal, ahead of Chairman and CEO John Stumpf’s testimony before the House Financial Services Committee on Sept. 29: clawbacks, including a $41 Million hit for Stumpf; a Department of Labor investigation; and a new class action lawsuit.

The bank has faced an onslaught of criticism over recent revelations that employees opened 2 million accounts and credit cards in the names of customers without their knowledge. The offenses, dating back to 2011, resulted in 5,300 terminations and netted $185 million in fines from the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and City of Los Angeles.

On the evening of Sept. 27, the independent directors of the board of directors of Wells Fargo & Company announced that they have launched an independent investigation into retail...

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