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Banking   SEC is investigating sales practices at Wells Fargo

Wells Fargo says litigation could near $1.7bn

Wells FargoWells Fargo said that its legal costs could reached $1.7 billion as the company faces numerous investigations and lawsuits over its actions.

Wells Fargo said in a securities filing that "the high end of the range of reasonably possible potential litigation losses" above what was already "probably or estimable" is about $1.7 billion.

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That figure would not "have a material adverse effect on Wells Fargo's consolidated financial conditions," though it could "be material to Wells Fargo's results of operations for any particular period," the company said.

Wells Fargo also confirmed in the filing that the U.S. Securities and Exchange Commission (SEC) is investigating its sales practices, along with previously disclosed probes by the U.S. Justice Department and state attorneys general.




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