SAN FRANCISCO — Wells Fargo & Co. has settled a set of federal securities fraud class actions over the bank’s fake accounts scandal for $480 million, the company said on Friday.

The company’s defense counsel, led by Sullivan & Cromwell, said in a court filing that it has “reached an agreement in principle” to settle the shareholder suits. The bank disclosed that it had agreed to pay $480 million in a separate filing to the Securities and Exchange Commission.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]