Wells Fargo & Co. is nearing settlements with the Justice Department and the Securities and Exchange Commission over its long-running fake-account scandal, according to people familiar with the matter.
The bank could pay roughly $3 billion combined, some of the people said. The settlements could come as soon as Friday, the people said.
Their customers were charged fraudulently. The settlement with the DOJ involves payment to stockholders and a fine. What about the victims? The arbitration agreements required by banks don't allow for legal recourse other than through an arbitrator paid for by the institution.
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