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Apr 2018 US bank Wells Fargo was fined 1 billion USD for making customers pay unnecessary charges on insurance policies on car loans.
This is the most severe penalty imposed on a financial institution since the Trump administration. This penalty reduced by 800 million USD, the corporate net income reported at 4.7 billion USD in the first quarter of 2018.
This is the second abuse attributed to Wells Fargo since 2016, when the institution opened 3.5 million fictitious accounts.
Read also:
- The US insurance industry [4]