Shares of Wells Fargo (WFC) were down 1.3% to $57.71 on strong volume Friday afternoon following a U.S. Securities and Exchange Commission filing that suggested there might be more unauthorized customer accounts out there, CNBC reported.
And that wasn't the only issue plaguing the banking giant Friday. Wells Fargo will also pay the U.S. government $108 million to settle a whistleblower lawsuit claiming that the bank charged military veterans hidden fees to refinance their mortgages, according to Reuters. WFC is also accused of hiding these fees when applying for federal loan guarantees.
"Settling this longstanding lawsuit allows us to put the matter behind us and continue to focus on serving customers and rebuilding trust with our stakeholders," Reuters quoted Wells Fargo CEO Tim Sloan as saying.
Wells Fargo is also expected to face more regulatory sanctions relating to its scandal over improperly charging customs for certain auto-insurance loans, sources told The Wall Street Journal. That issue is said to have impacted 570,000 customers. The bank is in the process of refunding $80 million to consumers, according to the paper.
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