Wells Fargo warns litigation losses may rise after accounts scandal

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Wells Fargo has warned its litigation bill could be $200m higher than previously thought as the US bank faces a series of lawsuits from employees, workers and customers over the bogus account scandal.

In a quarterly filing on Friday, Well said its “reasonably possible” losses from legal actions against it could exceed its provisions by $2bn — up from a $1.8bn figure it gave three months ago.

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