Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals
A preliminary settlement of the proposed class action was filed late Monday night with the federal court in Manhattan, and requires a judge’s approval. The dollar amount was suggested by a mediator, court papers show. Wells Fargo\n \n has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight.
The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and expense of litigation, court papers show. Lawyers for the plaintiffs may seek up to 19% of the settlement fund for legal fees. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation concerning its business practices. These included that it opened about 3.
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