Wells Fargo to pay $1 bn in fake accounts scandal clean-up case

US-headquartered Wells Fargo agreed to pay $1 billion to settle a shareholder lawsuit in connection to the bank's 2016 fake accounts scandal. As per the shareholders, Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phony accounts.