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…

Previous Bank Notes: Vanguard says it's pushing companies on guns, opioids, climate
Next A planned Denver-area trash/recycling site drew a stink from neighbors, then a fast-growing town killed it by annexing the land

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *