Wells Settlement to Pay $1.15 Million
Los Angeles Times2007-10-27
Wells Fargo & Co. won preliminary approval to pay $1.15 million and resolve shareholder claims that the bank failed to disclose payments made to brokerage firms.
In a lawsuit filed in federal court in San Francisco, the investors claimed Wells Fargo charged them excessive fees to pay the brokers for promoting its funds, said Adam Gutride, a lawyer for the shareholders.
Wells Fargo denied the allegations, saying the payments were lawful and properly disclosed.