On September 7, 2016, post-market, the Consumer Financial Protection Bureau ("CFPB") stated that it had fined Wells Fargo $100 million for illegally and covertly opening unauthorized deposit and credit card accounts. Wells Fargo's employees had opened over two million unauthorized accounts since 2011. Wells Fargo also settled to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. On September 12, 2016, post market, the U.S. Senate Banking Committee said that it would further investigate the charges that thousands of the bank's employees covertly opened accounts and enrolled customers in services without their consent. On September 13, 2016, Wells Fargo announced that it would redact all product sales goals in its retail banking operations. Following this news, Wells Fargo stock dropped $1.58 per share, or 3.26%, to close at $46.96 on September 13, 2016.
If you are aware of any facts relating to this investigation, or purchased shares of Wells Fargo, you can assist this investigation by visiting the firm's site: http://www.bgandg.com/wfc. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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