UPDATE: Wells Fargo (WFC) Says U.S. SEC is Investigating Sales Practices
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(Updated - November 3, 2016 7:00 AM EDT)
Wells Fargo (NYSE: WFC) says U.S. SEC is investigating sales practices, according to Bloomberg headlines.
UPDATE - Wells Fargo filed a 10-Q on Thursday morning . In part, the filing read:
Federal, state and local government agencies, including the United States Department of Justice and the United States Securities and Exchange Commission, and state attorneys general and prosecutors’ offices, as well as Congressional committees, have undertaken formal or informal inquiries, investigations or examinations arising out of certain sales practices of the Company that were the subject of settlements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney announced by the Company on September 8, 2016. The Company has responded, and continues to respond, to requests from a number of the foregoing seeking information regarding these sales practices and the circumstances of the settlements and related matters. A number of lawsuits have also been filed by non-governmental parties seeking damages or other remedies related to these sales practices.
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