Wells Fargo To Pay $62M To Exit Investor Class Action
Law360, New York (May 29, 2014, 1:23 PM EDT) -- A group of about 100 investors on Wednesday asked a Minnesota federal judge to sign off on a $62.5 million settlement with Wells Fargo Bank NA to resolve allegations that the bank's risky strategies breached the terms of their securities lending contracts.
In a 29-page motion, the group led by pension fund The City of Farmington Hills Civil Employees Retirement System asked that the court grant preliminary approval for the agreement, which came after “extensive arms-length negotiations.” In addition to placing $62.5 million in escrow, the bank will also terminate its securities lending program, which 14 of the plaintiffs are still...
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