Wells Fargo agrees to pay $1 billion to settle shareholders’ class-action lawsuit

WASHINGTON (AP) — Wells Fargo has agreed to a pay $1 billion to settle a lawsuit filed by its shareholders. The shareholders had alleged that the bank made misleading statements about its compliance with federal regulators after a fake account-opening scandal came to light in 2016. The class-action lawsuit was filed on behalf of hundreds of thousands of public employees of Rhode Island and Mississippi whose retirement funds had invested in Wells Fargo. A federal judge in New York on Tuesday granted preliminary approval of the settlement that was filed late Monday. San Francisco-based Wells Fargo said it disagreed with the allegations in the case but was pleased to have it resolved.