Page 94 - Flip Banks TG

Wells Fargo settles class action suit. The preliminary deal promises $110 million
for wronged consumers.

April 10:

Former executives are asked for money back. The bank claws back $75 million
from two former executives for their roles in the fake accounts scandal,
including another $28 million from former CEO John Stumpf. A new report from
independent directors on the Wells Fargo board reveals the bank prepared an
internal report in 2004 about practices that may encourage employees to create
fake accounts.

April 21:

The bank's cost of a settlement goes up. The settlement in the class action suit is

increased to $142 million.
June 14:

New allegations about mortgages are levelled. In a new lawsuit, Wells Fargo is
accused of modifying mortgages without authorization from the customers. That
means some customers could have ended up paying the bank more than they
owed. It's unclear how many customers were affected. Wells Fargo says it
"strongly denies" the claims.

July 27:

New allegations about auto insurance are revealed. The bank admits it charged
at least 570,000 customers for auto insurance they did not need. Wells Fargo
says an internal review found about 20,000 customers may have defaulted on
their car loans for related reasons.

August 4:

Wells Fargo is sued for allegedly ripping off small businesses. A lawsuit accuses
Wells Fargo of overcharging small businesses for credit card transactions by
using a "deceptive" 63-page contract to confuse them.

August 31:

More fake accounts are discovered. Wells Fargo says it has found 1.4 million
additional phony accounts. This brings the total number of fake accounts to 3.5
million.

October 3:

Wells Fargo says it wrongly fined mortgage clients. Wells Fargo admits that
110,000 mortgage holders were fined for missing a deadline -- even though the
delays were the company's fault. The company pledges to refund the customers.