Democrats slam $3 billion Wells Fargo settlement as 'slap on the wrist'
Seattle City Council member Kshama Sawant rallies with activists, calling for an end of the City's banking relationship with Wells Fargo, following reports of fraud, discrimination, and funding of the Dakota Access Pipeline. Jan. 29, 2017 (Flickr, Seattle City Council)

Democrats blasted the $3 billion sales practices settlement that Wells Fargo came to with federal officials on Friday, calling it “a slap on the wrist” for a bank that could easily pay the cost of the deal.The settlement, reached between the bank, federal prosecutors and the Securities and Exchange Commission, essentially put Wells Fargo on a form of probation, known as a deferred prosecution agreement, while requiring it to pay a total of $3 billion in penalties.For over a decade, Wells Fargo employees created millions of fake accounts in customers names, among other misconduct, to meet unrea...


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