Wells Fargo has settled a national lawsuit by agreeing to pay $575 million in damages over creation of fake accounts and other suspect customer practices. Arkansas will share in the proceeds.

The lawsuit was pressed by attorneys general in the 50 states, including Arkansas Attorney General Leslie Rutledge’s office. Arkansas will get almost $1.3 million in the settlement and Rutledge issued a release touting her work. She said: “We must be able to trust banks to conduct business honestly.”


Some context is necessary. Remember Rutledge’s crusade against the Consumer Financial Protection Bureau for its attempt to ban crooked big banks from forcing wronged consumers into mediation, rather than allowing class action lawsuits? The CFPB will be helping to enforce some of this settlement. She previously has described the CFPB as no friend of consumers, but only of class action lawyers.