Members of the community voiced concerns about the lack of attention to the Wells Fargo case as the regulators seem to completely put their focus on crypto.
Financial services firm Wells Fargo has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal.preliminary approval by United States district judge Gregory Woods in a Manhattan federal court. Another hearing will be held on Sept. 8 for final approval.it disagreed with the allegations made in the lawsuit.
In December 2022, Wells Fargo also reached a $3.7 billion agreement with the Consumer Financial Protection Bureau to resolve allegations that the bank’s actions had harmed more than 16 million individuals with deposit accounts, auto loans and mortgages. At the time, Ripple CEO Brad Garlinghouse compared the Wells Fargo issue with the FTX collapse. According to Garlinghouse, the world was outraged by FTX, which he believed to be “appropriate.” However, the CEO
about the lack of attention to the Wells Fargo case, considering that it also “mismanaged billions in customer funds.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo reaches $1 billion settlement with shareholders over recovery from scandals | CNN BusinessWells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers.
Read more »
Wells Fargo agrees to pay shareholders $1 billion to settle lawsuitWells Fargo has agreed to pay $1 billion to settle a class-action lawsuit from investors who claimed the bank hadn't been honest about its progress in cleaning up its practices following a scandal involving opening fake accounts.
Read more »
Wells Fargo spokesperson confirms $1 bln settlement in shareholder suit related to face accounts scandalWells Fargo & Co. has settled a shareholder lawsuit stemming from its fake accounts scandal from 2016 with a payment of $1 billion, a spokesperson from the...
Read more »
Wells Fargo to pay $1 billion to settle shareholder lawsuit over recovery from scandalsNEW YORK (Reuters) -Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. U.S. District Judge Gregory Woods in Manhattan federal court granted preliminary approval on Tuesday to the all-cash settlement, which had been filed the night before. Woods scheduled a Sept. 8 hearing to consider final approval.
Read more »
Wells Fargo to pay $1 billion to settle shareholder lawsuitThe lawsuit claimed the San Francisco-based bank failed to take adequate corrective measures following its 2016 scandal involving fake accounts.
Read more »