The suit accused Wells Fargo and several former executives of making false and misleading statements about the bank’s compliance with consent orders imposed by regulators in 2018 in the wake of the bank’s fake-accounts scandal.
May 16, 2023 at 11:43 AM
4 minute read
U.S. District Judge Gregory H. Woods of the Southern District of New York on Tuesday issued his preliminary approval of a $1 billion settlement between Wells Fargo and bank shareholders in a securities fraud class action suit filed in June 2020.
The suit accused Wells Fargo and several former executives of making false and misleading statements about the bank’s compliance with consent orders imposed by regulators in 2018 in the wake of the bank’s fake-accounts scandal.
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Former Wells Fargo CEO John Stumpf testifies before the Senate Banking Committee, which was addressing the scandal relating to the bank’s opening of fake bank accounts without customer knowledge, on Sept. 20, 2016. Photo: Diego M. Radzinschi/ALM
