Shareholders allege Wells Fargo executives painted an overly positive picture of the bank’s handling of the 2016 fake account scandal and its progress meeting the requirements of regulators.
It settles a class action lawsuit from the bank’s shareholders over its handling of the 2016 fake accounts scandal, which alleged the bank moved to fix issues much more slowly than its public declarations suggested and accused executives of painting too optimistic a picture of the bank’s dealings with regulators.
Shareholders involved in the lawsuit include pension funds in Louisiana, Rhode Island and Mississippi and Swedish investment firm Handelsbanken Fonder.If approved, it is likely to be one of the largest class action settlements in history, according to estimates in the court filing. Proceeds from the settlement will go to investors who purchased Wells Fargo stock between February 2, 2018, through March 12, 2020.The figure adds to a string of penalties, settlements and setbacks faced by Wells Fargo as it works to repair damage from a
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