Wells Fargo $1 Billion Settlement Over Fake Accounts Is Approved – Bloomberg

Wells Fargo & Co.’s $1 billion settlement of a shareholder lawsuit over unauthorized customer accounts was approved by a federal judge, bringing the total amount the bank has agreed to pay to resolve claims over the scandal to nearly $5 billion.

US District Judge Jennifer L. Rochon authorized the agreement following a hearing in New York Friday, more than three months after the deal was reached, lawyers for investors said in a statement. The approval couldn’t be immediately confirmed in court records.

Source: Wells Fargo $1 Billion Settlement Over Fake Accounts Is Approved – Bloomberg