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Wells Fargo to Pay $1B to Settle Customer Abuse Charges

American banking giant Wells Fargo has agreed to pay federal regulators $1 billion to settle charges that it failed to identify and avert problems related to its mortgage and auto lending operations. The bank has admitted it sold unwanted or unnecessary automobile insurance to hundreds of thousands of its auto loan customers. Wells Fargo, the largest mortgage lender in the U.S., has also admitted to forcing thousands of customers to pay unnecessary fees in order to lock in interest...

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