Wells Fargo branch in San Francisco. Credit: Mike Scarcella/ ALM
It's the largest payment the bank has agreed to make so far since the scandal broke in 2016. But Wells Fargo is not out of the woods yet.
May 04, 2018 at 06:36 PM
1 minute read
Data Editor
SAN FRANCISCO — Wells Fargo & Co. has settled a set of federal securities fraud class actions over the bank’s fake accounts scandal for $480 million, the company said on Friday.
The company’s defense counsel, led by Sullivan & Cromwell, said in a court filing that it has “reached an agreement in principle” to settle the shareholder suits. The bank disclosed that it had agreed to pay $480 million in a separate filing to the Securities and Exchange Commission.
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