Wells Fargo Settles Shareholder Lawsuit for $1 Billion

Wells Fargo has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. Shareholders accused Wells Fargo of overstating how well it was complying with consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. Wells Fargo denied wrongdoing and settled to eliminate the burden and expense of litigation.