Wells Fargo settles $480 million class action brought by investors


Wells Fargo & Co.’s legal tab keeps blowing up. On Friday, the embattled bank agreed to pay $480 million to resolve a class action lawsuit brought by investors accusing the company of securities fraud related to its fake-account scandal.

San Francisco-based Wells Fargo (NYSE: WFC), which has its Wells Fargo Advisors subsidiary in St. Louis, disclosed the settlement in its first quarter Form 10-Q filed on Friday. It is still subject to final approval by a federal judge.

The lawsuit, which was…

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