Riverside—Last year, many Americans were dismayed to learn Wells Fargo employees opened fraudulent accounts in the names of thousands of customers without their permission. Customers subsequently learned they were being charged for car insurance they neither authorized nor needed.
Late last month, the Wells Fargo news worsened when the company revealed the number of fraudulent accounts opened without customer permission was 70 percent higher than initially reported. Company officials admitted as many as 1 million additional, unauthorized accounts were opened, bringing the total to nearly 3.5 million.
Last September, the company agreed to pay $186 million to settle lawsuits related to the case. The fraudulent accounts were purportedly the result of pressure placed on thousands of Wells Fargo employees who struggled to meet aggressive sales goals.