{"id":9396,"date":"2023-05-16T09:00:58","date_gmt":"2023-05-16T13:00:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/wells-fargo-to-pay-1-billion-to-settle-shareholder-lawsuit\/"},"modified":"2023-05-16T09:00:59","modified_gmt":"2023-05-16T13:00:59","slug":"wells-fargo-to-pay-1-billion-to-settle-shareholder-lawsuit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9396","title":{"rendered":"Wells Fargo to Pay $1 Billion to Settle Shareholder Lawsuit"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Wells Fargo
\n has agreed to a $1 billion settlement over a class-action lawsuit about its progress in recovering from its 2016 fake-accounts scandal. <\/p>\n

It\u2019s another reminder of the difficulties the lender has had in overcoming the scandal and competing with its largest peers.\u00a0<\/p>\n

\n

The shareholder lawsuit alleged
\n Wells Fargo
\n (ticker: WFC) and former leadership misrepresented how quickly the bank had moved to tackle the scandal, subsequently weighing on its share price. A preliminary settlement was set out in a court filing Monday night and still needs to be approved in the coming months, The Wall Street Journal reported.\u00a0<\/p>\n

\u201cThis 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. While we disagree with the allegations in this case, we are pleased to have resolved this matter,\u201d said Laurie Kight, a spokeswoman for Wells Fargo, in an emailed statement. <\/p>\n

If approved by the court, the $1 billion settlement will be among the top twenty class-action settlements over a securities case of all time, according to Cohen Milstein Sellers & Toll, the law firm representing the plaintiffs.<\/p>\n

Wells Fargo is still feeling the consequences of the fake-accounts scandal in other ways, such as a continuing asset cap. The Federal Reserve put a $1.95 trillion limit on Wells Fargo\u2019s assets in 2018, which leaves it lagging in size behind
\n JPMorgan Chase
\n (JPM),\u00a0Bank of America\u00a0 (BAC) and\u00a0Citigroup\u00a0(C). <\/p>\n

Wells Fargo shares were down 0.4% in premarket trading on Tuesday. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wells Fargo has agreed to a $1 billion settlement over a class-action lawsuit about its progress in recovering from its 2016 fake-accounts scandal. It\u2019s another reminder of the difficulties the lender has had in overcoming the scandal and competing with its largest peers.\u00a0 The shareholder lawsuit alleged Wells Fargo (ticker: WFC) and former leadership misrepresented […]<\/p>\n","protected":false},"author":1,"featured_media":9397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-9396","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWells Fargo to Pay $1 Billion to Settle Shareholder Lawsuit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Wells Fargo has agreed to a $1 billion settlement over a class-action lawsuit about its progress in recovering from its 2016 fake-accounts scandal. 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