“This agreement resolves a consolidated securities class-action lawsuit involving the company and several former executives and a director, who have not been with the company for several years,” a Wells Fargo spokesperson stated. “While we disagree with the allegations in this case, we are pleased to have resolved this matter.”
The plaintiffs integrated a number of pension directors who had accused Wells Fargo of deceptive them concerning the extent of its compliance with consent orders imposed by way of banking regulators. The settlement nonetheless has to be licensed by way of a pass judgement on.
“We are pleased that Wells Fargo’s new management is moving forward by resolving this significant litigation related to the bank’s past actions and that we were able to achieve an excellent settlement for investors,” Max Berger, an legal professional representing shareholders, stated in a remark.
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