Illinois State Treasurer’s Office News Releases

CHICAGO — Illinois State Treasurer Michael Frerichs today suspended $30 billion in investment activity with Wells Fargo after the bank acknowledged it improperly opened more than 2 million bank accounts and violated the rights of military personnel by seizing vehicles without a court order. Bank personnel improperly opened credit and debit cards as well as deposit and online accounts without the knowledge of their customers between 2011 and 2015. During this five -year period, the company extracted millions of dollars in fraudulent fees and damaged credit records, forcing some customers…

CHICAGO — Illinois State Treasurer Michael Frerichs will announce plans to suspend billions of dollars in investment activity with Wells Fargo. Wells Fargo is under fire after the bank admitted to secretly opening over two million unauthorized accounts for its customers. A news conference will be held on Monday, October 3 at 10:00 a.m. at the James R. Thompson Center (Blue Room) at 100 West Randolph, in Chicago, IL to share details about the moratorium. WHO: Treasurer Michael Frerichs Will Guzzardi, Illinois State Representative Jacqueline Collins, Illinois State Senator William…