Wells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal.
The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phony accounts.
Source: Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit – WSJ
