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Wells Fargo to pay $480 million to settle lawsuit

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Staff Writer |
Wells Fargo
Banking   A consolidated securities fraud class action

Wells Fargo & Company announced that it has reached an agreement in principle to resolve a consolidated securities fraud class action in the United States District Court for the Northern District of California alleging certain misstatements and omissions in the Company’s disclosures related to sales practices matters.

The company will pay $480 million under the agreement in principle, which is subject to confirmatory discovery by the plaintiff and final approval by the court.

The amount was fully accrued as of March 31, 2018. Wells Fargo denies the claims and allegations in the action and entered into the agreement in principle to avoid the cost and disruption of further litigation.


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