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9/27, 7:24 PM (Source: TeleTrader)
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Wells Fargo to pay $37M to settle DoJ lawsuit

Wells Fargo & Company announced on Monday it will pay $37 million to settle the lawsuit the United States Department of Justice (DoJ) filed against the firm earlier in the day.

The DoJ alleged Wells Fargo frauded hundreds of its commercial customers by overcharging them for the use of its foreign exchange (forex) services.

The lawsuit comes shortly after US Senator from Massachusetts Elizabeth Warren called on the Federal Reserve to break up Wells Fargo and split its banking and financial operations.

Breaking the News / JR