U.S. Department of Labor

Illinois, following California, sanctions Wells Fargo over accounts scandal

Illinois, following California, sanctions Wells Fargo over accounts scandal

Less than a week after California suspended doing some business with Wells Fargo & Co. over its fake-accounts scandal, Illinois is following suit. 

State Treasurer Michael Frerichs announced Monday that his office will not buy or sell securities through Wells Fargo, echoing similar sanctions made Wednesday by California Treasurer John Chiang.

Frerichs, who called the bank’s behavior “downright shameful,” estimated his office made about $30 billion worth of trades through Wells Fargo last year and that cutting off that business could cost the bank millions of dollars in fees. However, a Wells Fargo spokesman estimated the...

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