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Wells Fargo's board canceled $41 million in unvested stock awards to CEO John Stumpf and $19 million to retiring consumer banking chief Carrie Tolstedt.
Shareholders have filed a class action lawsuit claiming Wells Fargo violated federal law by failing to tell investors that impressive cross-selling metrics were based on bogus accounts.
U.S. Labor Secretary Thomas Perez said his agency will conduct a top-to-bottom review of claims against Wells Fargo, including those of whistleblowers whose cases were settled.