Wells Fargo (WFC) is no longer under investigation by attorneys general from 18 states for possible violations of antitrust and consumer protection laws after it abandoned environmental, social, and governance policies, Tennessee Attorney General Jonathan Skrmetti said in a statement Thursday.
The coalition of state prosecutors alleged that Wells Fargo and five other major banks, namely Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), and Morgan Stanley (MS), restricted financing to customers by joining initiatives like the Net-Zero Banking Alliance.
The initiative required member banks to meet net-zero emissions target in their portfolios by 2050.
The investigation will continue for the other banks that are part of the initiative.
Wells Fargo declined comment to MT Newswires and the other banks did not immediately respond.
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