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Wells Fargo agrees to $1bn settlement over fake accounts lawsuit
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fnlondon.comWells Fargo agreed to pay shareholders $1bn to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake accounts scandal.
The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phoney accounts.
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