According to The Guardian, Wells Fargo will pay $185m in a settlement over illegal sales practices that included the opening of unauthorized duplicate accounts and credit cards by employees in order to meet sales quotas.
1. What does the settlement include?
2. Over what period did this take place?
3. Which agency took action against Wells Fargo?
4. According to the article, sanctions are not enough. What did they recommend and what is your opinion of the situation?
Source: KasperKevic, Jana. (2016). Wells Fargo to pay $185m for aggressive, illegal sales tactics. The Guardian, Sep. 8 (Retrievable online at https://www.theguardian.com/business/2016/sep/08/wells-fargo-settlement-illegal-sales-accounts)