This article is more than 3 year old.

Wells Fargo to pay $480 million to resolve lawsuit

Mini

The class action lawsuit in the District Court for the Northern District of California alleged that the bank made certain misstatements and omissions in disclosures related to its sales practices.

Wells Fargo to pay $480 million to resolve lawsuit
Wells Fargo & Co said on Friday it will pay $480 million to resolve a securities fraud lawsuit related to a sales scandal that surfaced in 2016.
The class action lawsuit in the District Court for the Northern District of California alleged that the bank made certain misstatements and omissions in disclosures related to its sales practices.
The lawsuit sought damages for investors who bought Wells Fargo stocks between February 2014 and September 2016.
It also accused the bank's executives of trumpeting the bank's success at "cross-selling", while opening millions of accounts illegally.
Wells Fargo had denied the claims and allegations and said it entered into an agreement to avoid the cost and disruption of further litigation.

Market Movers

CompanyPriceChng%Chng
ICICI Bank676.65 20.70 3.16
ITC212.40 5.40 2.61
Wipro599.15 14.95 2.56
SBI Life Insura1,050.45 24.45 2.38
SBI428.90 6.85 1.62
CompanyPriceChng%Chng
ICICI Bank676.65 20.85 3.18
ITC212.35 5.30 2.56
SBI429.15 7.15 1.69
HCL Tech994.25 15.65 1.60
Axis Bank755.25 8.75 1.17
CompanyPriceChng%Chng
Tata Motors295.55 -7.00 -2.31
Grasim1,549.50 -32.55 -2.06
Larsen1,611.75 -30.40 -1.85
Adani Ports680.05 -11.75 -1.70
Tech Mahindra1,131.00 -17.60 -1.53
CompanyPriceChng%Chng
Larsen1,612.00 -29.55 -1.80
HUL2,359.25 -19.40 -0.82
Reliance2,105.20 -15.80 -0.74
Asian Paints3,083.20 -21.25 -0.68
NTPC118.50 -0.80 -0.67

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.4000-0.0600-0.08
Euro-Rupee87.5450-0.0830-0.09
Pound-Rupee102.3880-0.0780-0.08
Rupee-100 Yen0.6730-0.0030-0.44