Wells Fargo & Company and Federal Government reach an agreement in principle to resolve claims
By Jeff Sorg, OnlineEd Blog
(February 3, 2016) – On February 1, 2016, Wells Fargo & Company reached an agreement in principle with the United States Department of Justice, the United States Attorney’s Office for the Southern District of New York, the United States Attorney’s Office for the Northern District of California, and the United States Department of Housing and Urban Development (collectively, the “Federal Government”) to pay $1.2 billion to resolve certain civil claims that the Federal Government had pending against the Company relating to the Company’s Federal Housing Administration (“FHA”) lending program for the time period 2001-2010, as well as other potential civil claims relating to the Company’s FHA lending activities for other periods.
Although the Company and the Federal Government have reached an agreement in principle to resolve these matters, there can be no assurance that the Company and the Federal Government will agree on the final documentation of the settlement.
[Source: 8-K Filing, US Securities and Exchange Commission]
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