ARNOLD F. SOCK, Attorney At Law Opines On: Wells Fargo Agrees to $480,000,000 settlement In Account Scandal Investor (U.S. Discrict Court for California Northern District RowHefler et al v. Wells Fargo & Company et al (3:16-cv-05479))
Wells Fargo & Co. has agreed to pay $480 million to resolve a consolidated securities class action in California federal court alleging fraud and insider trading by the bank’s top brass over its years long illegal creation of up to 3.5 million unauthorized customer accounts, the bank said Friday.
At the heart of the litigation was a scandal over Wells Fargo's high-pressure cross-selling focus, which saw employees create millions of accounts under customer names without consent. This settlement allows this bank to try to move on. Opinion by ARNOLD F. SOCK, Attorney at Law