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Wells Fargo agrees to $1 billion shareholder settlement


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Wells Fargo has agreed to pay $1 billion to settle a shareholder lawsuit stemming from its years-old scandal over sham accounts, according to statements from the bank and the plaintiffs attorneys.

Reuters reported that the settlement was filed late Monday in federal court in Manhattan, where a group of shareholders has been in litigation with the bank for three years.

“This agreement resolves a consolidated securities class-action lawsuit involving the company and several former executives and a director, who have not been with the company for several years,” a Wells Fargo spokesperson said. “While we disagree with the allegations in this case, we are pleased to have resolved this matter.”

The plaintiffs included several pension administrators who had accused Wells Fargo of misleading them about the extent of its compliance with consent orders imposed by banking regulators. The settlement still has to be approved by a judge.

“We are pleased that Wells Fargo’s new management is moving forward by resolving this significant litigation related to the bank’s past actions and that we were able to achieve an excellent settlement for investors,” Max Berger, an attorney representing shareholders, said in a statement.

This story is developing and will be updated.

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