The settlement, confirmed by Wells Fargo and the offices of various state attorneys general, was first reported earlier by Reuters.
Wells Fargo has been seeking a fresh start after revelations that its employees opened potentially millions of unauthorized accounts tangled the nation’s fourth-largest bank in fierce investor and regulatory scrutiny for the past two years.
Over the summer, Wells Fargo launched a marketing campaign saying the bank had been “re-established” this year, but Wells Fargo continued to attract fresh headlines about the customer abuses of the past.
The bank has been working to resolve ongoing investigations and legal battles as it tries to gain approval from the Federal Reserve to lift its cap on assets.
This year, the bank has settled claims with the New York attorney general, a class of investors and the Office of the Comptroller of the Currency, but the bank still has a number of probes looming over its bottom line. Wells Fargo still faces probes by the U.S. Securities and Exchange Commission, the Department of Justice and the Department of Labor, according to its most recent securities filing.