Wells Fargo paid back $40 million to almost 11,000 customers who for years were overcharged on fees for investment advice, the Securities and Exchange Commission said Friday.
Wells Fargo neither admitted nor denied the allegations, the agency said.
However, internal systems failed to account for those reduced advisory fees in some cases, the SEC said.
(AG Edwards and Wachovia merged in 2007; Wells Fargo and Wachovia then did so in 2008.)
Caroline Szyperski, a spokesperson for Wells Fargo, said the firm is "pleased to resolve this matter."
Persons:
Wells Fargo, Wells, There's, — AG, Gurbir Grewal, Caroline Szyperski
Organizations:
Securities and Exchange Commission, SEC, Finance, —, — AG Edwards, Wachovia —, Edwards, Wachovia
Locations:
Wells Fargo