Wells Fargo & Co executives and directors have reached a $240 million settlement...
- Wells Fargo & Co executives and directors have reached a $240 million settlement with U.S. shareholders over the creation by bank employees of millions of unauthorized customer accounts.
It resolves claims that the officials breached their fiduciary duties by knowing about or consciously disregarding the bogus accounts, and failing to stop their creation. Shareholders bring derivative lawsuits on behalf of companies, typically when the defendants are corporate officers or board members, with proceeds going to the companies.
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