Wells Fargo Settles Class Action

Law360, New York (July 5, 2007, 12:00 AM EDT) -- Investment bank Wells Fargo & Co. has agreed to pay $1 million to settle claims by investors that its mutual fund advisors paid kickbacks to brokers to secure business.

The proposed settlement, which awaits final approval by the U.S. District Court for the Northern District of California, resolves the securities class action launched in November 2005 by shareholders in three Wells Fargo funds.

In a stipulation filed to the court Thursday, lead plaintiff Ronald Siemers said the settlement was the best hope for recovery for the...
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