Wells Fargo To Pay $62.5 Million To Settle Securities Lending Lawsuit

Now watching

Next video starts in : 7 Play

Wells Fargo To Pay $62.5 Million To Settle Securities Lending Lawsuit

Wells Fargo To Pay $62.5 Million To Settle Securities Lending Lawsuit
Replay video
Up next

Labour Party Wants 16-year-olds to Vote EU Referendum

Unlock your personal NFL Now stream by signing in to NFL.com

Wells Fargo To Pay $62.5 Million To Settle Securities Lending Lawsuit

by Wochit 0:50 mins

Wells Fargo To Pay $62.5 Million To Settle Securities Lending Lawsuit

by Wochit 0:50 mins

Wells Fargo has agreed to pay $62.5 million to settle claims from a group of institutional investors that the bank improperly advertised a risky securities lending program as safe. Approximately 100 investors, led by the City of Farmington Hills Employees Retirement System pension plan, have asked U.S. District Judge Donovan Frank in St. Paul, Minnesota, for preliminary approval of the deal, which would resolve a 2010 class action. The plaintiffs argued that the bank marketed its lending program as safe but instead invested their funds in risky products such as mortgage-backed securities, causing significant losses.

Wochit

Must Watch

  1. 0:30

    Watch a Sneak Peek of Community Episode 12

  2. 3:51

    Kids in Extreme Sports: ‘I Like Being Afraid’

  3. 2:07

    Check Out This Insane New Roller Coaster

  4. All Time Low - All Time Low LIVE Concert

  5. 1:50

    Comedy Central Stars On The First TV Show That Made Them Laugh

  6. 2:58

    Father Recreates Famous Photos with His Daughter

Community

  1. 27:26

    Community Episode 1: Ladders

  2. 27:26

    Community Episode 2: Lawnmower Maintenance and Postnatal Care

  3. 24:40

    Community Episode 3: Basic Crisis Room Decorum

  4. 30:58

    Community Episode 4: Queer Studies and Advanced Waxing

  5. 28:45

    Community Episode 5: Laws of Robotics and Party Rights

  6. 28:13

    Community Episode 6: Basic Email Security

Other Space

  1. 27:05

    Other Space Episode 1: Into the Great Beyond...Beyond

  2. 25:20

    Other Space Episode 2: Getting to Know You

  3. 25:51

    Other Space Episode 3: The Death of A.R.T.

  4. 25:46

    Other Space Episode 4: Ted Talks

  5. 26:44

    Other Space Episode 5: Trouble's Brewing

  6. 27:02

    Other Space Episode 6: Powerless