Wells Fargo Settles with Shareholders for $1 Billion over Scandals
Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit brought on by shareholders who had accused the lender of overstating the progress of reforms initiated after the 2016 fake-accounts scandal. The settlement was filed late Monday in federal court in Manhattan, where litigation had been in progress for three years. The shareholders lawsuit centers on public statements and regulatory filings in which the bank touted its progress in complying with the consent orders between 2018 and 2020.