Wells Fargo translated on Friday it will pay $480 million to resolve a securities fraud lawsuit agnate to a sales scandal that surfaced in 2016.
The class action lawsuit in the Partition Court for the Northern District of California alleged that the bank assail c promoted certain misstatements and omissions in disclosures related to its sales practices.
The lawsuit hoped damages for investors who bought Wells Fargo stocks between February 2014 and September 2016.
It also accused the bank’s officials of trumpeting the bank’s success at “cross-selling”, while opening millions of accounts illegally.
Wells Fargo had recalled the claims and allegations and said it entered into an agreement to avoid the expenditure and disruption of further litigation.