According to a report from Reuters, Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit over its alleged mis-selling of consumer finance products. The lawsuit was brought by customers who accused the bank of charging them excessive fees and interest rates on services such as overdraft protection.
The settlement, which is still subject to court approval, is one of the largest settlements ever reached in a consumer finance case. Wells Fargo has denied any wrongdoing, but has decided to settle the case to avoid the expense and uncertainty of a prolonged legal battle.