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CHARLOTTE — Wells Fargo & Co. is putting another lawsuit in the rearview — at a cost of $1 billion.
The bank reportedly has agreed to settle a class-action suit brought by shareholders claiming the company and its past leaders had overstated progress on cleaning up governance and risk-management issues in the wake of its notorious fake-accounts scandal. Fallout from that fiasco, which came to light in 2016, and other problems is ongoing.
The bank confirmed the settlement agreement in a statement circulated to media outlets. “While we disagree with the allegations in this case, we are pleased to have resolved this matter,” it says.
Read more here.
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