Wells Fargo says litigation could near $1.7bnStaff Writer |
Banking SEC is investigating sales practices at Wells Fargo
Wells Fargo said that its legal costs could reached $1.7 billion as the company faces numerous investigations and lawsuits over its actions.
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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