$240M Wells Fargo Derivative Suit Deal Gets Judge's 1st OK

By Jon Hill (May 14, 2019, 9:08 PM EDT) -- A proposed $240 million settlement that would end derivative litigation over Wells Fargo's fake accounts scandal moved one step closer to the record books on Tuesday as a California federal judge granted preliminary approval to the deal between investors in the bank and its current and former top brass.

U.S. District Judge Jon S. Tigar found the proposed settlement cleared an initial evaluation of its fairness, reasonableness and adequacy, setting an August date for a final hearing on what was pitched as the largest-ever insurer-funded cash settlement of a derivative action when it was unveiled earlier this year by the co-lead investor...

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