
People walk by a Wells Fargo bank branch on Oct. 13, 2017, in New York City. Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion. - Spencer Platt/Getty Images North America/TNS
Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales scandal, new court records show. The federal suit claimed the bank made “materially false and misleading statements” about its compliance with consent orders it had with federal regulators over previous practices. Wells Fargo has faced regulatory sanctions since the 2016 scandal, when it was discovered the bank opened millions of accounts for customers without their permission. A proposed settlement order ...