As of the end of the third quarter of 2018, Wells Fargo set aside $400 million of the settlement amount and expects to set aside $175 million in the fourth quarter of 2018. The company will also keep the states updated on the status of its remediation efforts.
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In 2016, Wells Fargo agreed to pay $185 million to settle claims by the federal government related to the creation of fake accounts. The bank has faced fines over several issues which include opening accounts in the names of customers without permission and improper charges related to mortgage interest rates. As of 2:35 pm ET, the stock was up 1.8%.