Illinois treasurer: State will suspend Wells Fargo business

CHICAGO (AP) — The Illinois state treasurer plans to announce that the state will suspend billions of dollars of investment activity with Wells Fargo.

Illinois Treasurer Michael Frerichs plans a Monday morning news conference in Chicago to give details about a moratorium on state business with the company.

U.S. and California regulators have fined San Francisco-based Wells Fargo $185 million, saying employees who were trying to meet sales targets opened up to 2 million fake accounts without customers’ knowledge. The abuses are said to have gone on for years, unchecked by senior management.

Federal regulators have not said if they have referred the Wells Fargo case to the Department of Justice.

On Friday, two Chicago aldermen proposed banning the city from doing business with Wells Fargo for the next two years.

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