Wells Fargo to pay $3.7bn over consumer loan violations

Wells Fargo (AP)

Consumer banking giant Wells Fargo has been ordered to pay $3.7bn (€3.4bn) in fines and refunds to customers by US government regulators, the largest fine to date against the bank, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.

The amount is nearly quadruple the previous $1bn penalty that Wells Fargo paid in 2018 to cover widespread consumer law violations.