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NEW YORK (Reuters) - Wells Fargo & Co (WFC.N) will pay $575 million to settle claims made by U.S. states, the latest settlement as the bank works to resolve lingering investigations and legal battles stemming from its sales-practices scandal and to remove a punitive asset cap. Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer accounts. Since then, the bank has racked up over $2 billion in penalties as other issues were discovered across most of its business lines.

Friday’s settlement resolves claims by all 50 states and the District of Columbia related to the accounts, versace cufflinks amazon as well as claims that the bank improperly referred and charged customers for a number of financial products like auto and life insurance, “Instead of safeguarding its customers Wells Fargo exploited them,” California Attorney General Xavier Becerra said in a statement, “This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system.”..

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 versace cufflinks amazon 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..

BEIJING (Reuters) - Large crowds have been drawn to Canada Goose’s new outdoor wear store in downtown Beijing, its first in mainland China, since its opening on Friday, despite sub-zero temperatures and a chill in China’s relations with Canada. A long line of shoppers in thick winter coats queued outside the two-storey store on Monday afternoon, with waiting times of an hour or more for a look at Canada Goose’s 9,000 yuan ($1,300) parkas. Canada Goose staff were seen walking up and down the queue asking shoppers which product they were looking for and then telling them whether or not they had it in stock.

“It’s been popular for ages but Beijing didn’t have one, only Hong Kong, So everyone’s come to see it,” said Long Hua, 32, lining up outside the store with a friend, Ties between China and Canada have turned frosty since the arrest of a top Chinese executive in Vancouver at the request of the versace cufflinks amazon United States in December and the subsequent arrest of two Canadians in China on suspicion of endangering state security, Canada Goose opened its Beijing store about two weeks later than initially planned, It has made no connection between the delay and the heightened tensions between the two governments, saying earlier this month that the postponement was due to construction work..

On Monday, construction workers were still seen on scaffolding on one side of the store. The Toronto-listed parka maker has made no mention of the Beijing store opening on its Chinese social media platforms, although the store in Beijing’s swanky Sanlitun district is now listed on the company’s global website. “We are proud of our newest store in China and look forward to welcoming our fans,” Canada Goose said in an email to Reuters on Monday. A buoyant sales outlook for mainland China has been shaken in recent weeks by some caustic posts on Chinese social media calling for the boycott of Canada Goose products following Canada’s arrest of Huawei Technologies Co [HWT.UL] Chief Financial Officer Meng Wanzhou.

Shares of Canada Goose have fallen about 37 percent in Toronto trading since Meng’s detention and the ensuing strains between the two countries, Meng, the daughter of Huawei’s founder, faces U.S, allegations that she misled versace cufflinks amazon multinational banks about Iran-linked transactions, putting the banks at risk of violating U.S, sanctions, Meng has said she is innocent, The stakes are high for the maker of high-end goose-down coats, which enjoy significant brand recognition in China’s big cities..

 

 
 
 

 

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