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Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo has agreed to pay $480 million for a class action settlement in the Northern District of California in United States.  The US bank was investigated for creating almost 3.5 million fake customer accounts, and had failed to warn shareholders of investigations by US regulators.  Wells Fargos shareholders who had bought the shares between 2014 to 2016, were not informed of the investigations by US regulators till at least 6 months later, which would affect their buy or sell decisions.

“Wells Fargo to Pay $480 Million forFailing to Warn Shareholders of Investigations by Regulators”

In the class action settlement, Wells Fargo will pay $480 million  to shareholders of Wells Fargo who bought the stock between 2014 to 2016.  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.

Source: Wells Fargo, Reuters, Bloomberg

 

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