NEW YORK: The US bank Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit by shareholders who accused it of not having changed its management and practices quickly enough after a series of scandals.
The agreement has been submitted to a federal judge in Manhattan for approval, according to a document filed Monday.
In June 2020, a group of shareholders, including Sweden’s Handelsbanken Fonder AB and the Louisiana Sheriffs’ Pension & Relief Fund, launched a class action against the San Francisco-headquartered bank.
Their lawsuit accused Wells Fargo of shortcomings in…
