Wells Fargo says $480M securities class action settlement approved by court
Wells Fargo announced that it has received final court approval of an agreement to resolve a previously disclosed consolidated securities class-action in the United States District Court for the Northern District of California alleging certain misstatements and omissions in the company's disclosures related to sales practices maters. Wells Fargo said it is "pleased" the case has received final approval by the court. The $480M settlement agreement provides for payment of class member claims. The settlement class consists of all persons and entities who purchased Wells Fargo & Company common stock from Feb. 26, 2014 through Sept. 20, 2016. The settlement amount was fully accrued as of March 31, 2018 and has been paid into a settlement escrow. The company has denied the claims and allegations in the action and entered into the settlement agreement to avoid the cost and disruption of further litigation.