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

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

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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.

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