The lawsuit claimed the San Francisco-based bank failed to take adequate corrective measures following its 2016 scandal involving fake accounts.
Wells Fargo & Co. has agreed to pay $1 billion to settle a class action lawsuit brought by investors claiming they were misled about the bank's recovery progress following a slew of scandals.
Then in 2020, a year-long investigation by the House Financial Services Committee found that Wells Fargo was not in compliance with the consent orders and had not taken necessary steps to satisfy its obligations. As the public learned of the bank's fraud, Wells Fargo's stock price plummeted, resulting in substantial losses for investors.
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