Breaking: Wells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal
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https://www.wsj.com/articles/wells-fargo-agrees-to-pay-shareholders-1-billion-to-settle-class-action-suit-82e67977Shareholders claimed the bank and its past leadership were moving slower to address regulatory issues than they acknowledged publiclyWells Fargo’s 2016 fake-accounts scandal revealed problems with the bank’s systems for overseeing risk.
The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phony accounts.
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