Wells Fargo unit in $25 million settlement

Evergreen Investment Management Company has agreed to pay $25 million to settle a class action claiming it misled investors about a now defunct mutual fund’s exposure to mortgage-backed securities….

The settlement covers investors in Evergreen Ultra Short Opportunities Fund, which the plaintiffs claimed was marketed as an ultra short bond fund. The plaintiffs contended the fund was invested in illiquid and risky mortgage-backed securities.

via Wells Fargo unit in $25 million settlement — Reuters