Wells Fargo to pay $110 million to settle lawsuit over account abuses

(Reuters) - Wells Fargo & Co said it agreed in principle to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank's chief executive his job. Customers said this saddled them with accounts they did not need or want, and fees they knew nothing about. The lawsuit dates from May 2015, sixteen months before Wells Fargo agreed to pay $185 million in penalties to settle regulatory charges over the sham accounts, estimated to number as many as 2 million.
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