Wells Fargo still faces over a dozen probes tied to fake account scandal

Wells Fargo is trying to repair its relationship with customers and employees. But standing in the way are a series of question marks still hovering over the bank. Six months after the fake account scandal erupted, Wells Fargo still faces more than a dozen investigations, inquiries and lawsuits related to its notorious sales tactics and alleged mistreatment of workers. The long list of both internal and external probes linked to the fiasco creates significant uncertainty at Wells Fargo despite steps taken to move forward. The outcomes of these legal challenges threaten to create further consequences, including new fines, sanctions, legal costs and repercussions for executives. All of this is on top of the $185 million Wells Fargo was fined in September by authorities for creating up to 2 million unauthorized bank and credit card accounts in order to meet unrealistic sales targets. The ensuing public outcry led to the sudden retirement of longtime CEO John Stumpf. Just this week, Wells Fargo sought to remove at least one question mark by reaching a $110 million preliminary class action settlement to compensate impacted customers. Citing a desire to “move forward and avoid continued litigation,” Wells Fargo dropped previous efforts to kill customer lawsuits by forcing arbitration. Wells Fargo still faces more than a dozen other probes, inquiries and lawsuits linked to the scandal, many of which were disclosed in recent SEC filings.