Financial services firm Wells Fargo (NYSE:WFC) has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal.
A $1 billion all-cash settlement was granted preliminary approval by United States district judge Gregory Woods in a Manhattan federal court. Another hearing will be held on Sept. 8 for final approval.