{"id":200631,"date":"2023-05-22T00:45:06","date_gmt":"2023-05-22T07:45:06","guid":{"rendered":"https:\/\/www.shockya.com\/news\/?p=200631"},"modified":"2023-05-21T16:07:24","modified_gmt":"2023-05-21T23:07:24","slug":"wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal","status":"publish","type":"post","link":"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/","title":{"rendered":"Wells Fargo Agrees to $1B Settlement in Shareholders&#8217; Lawsuit Over Unauthorized Accounts Scandal"},"content":{"rendered":"<p><a href=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png\"><img decoding=\"async\" src=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png\" alt=\"\" width=\"700\" class=\"alignnone size-full wp-image-200632\" srcset=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png 735w, https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo-300x249.png 300w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><\/a><\/p>\n<p>Wells Fargo has agreed to <a href=\"https:\/\/apnews.com\/article\/wells-fargo-shareholders-lawsuit-fraud-018210476b23692ac81a2cba51867de8\">pay a staggering $1 billion<\/a> to settle a suit brought forward by its shareholders over the bank&#8217;s unauthorized customer accounts scandal from 2016. If approved, this will be one of the top 20 largest class-action settlements in history.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Wells Fargo agreed to pay $1 billion to shareholders as it seeks to settle a class-action lawsuit in connection with the lender\u2019s 2016 unauthorized accounts scandal, the WSJ reports <a href=\"https:\/\/t.co\/rEXUm6Obmn\">https:\/\/t.co\/rEXUm6Obmn<\/a><\/p>\n<p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1658332039332995072?ref_src=twsrc%5Etfw\">May 16, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>The lawsuit accused Wells Fargo&#8217;s executives of publicly exaggerating their progress in resolving the governance issues and risk-management systems while downplaying a market value decrease of $54 billion between 2020 and 2022. The shareholders claim that the company&#8217;s failure to comply with consent orders resulted in a sudden drop of 34% in the bank&#8217;s stock in a little over a week. The House Financial Services Committee released a report on the bank&#8217;s scandals in March 2020, which further added to the company&#8217;s reputational and financial damage.<\/p>\n<p>Despite <a href=\"https:\/\/www.reuters.com\/legal\/wells-fargo-reaches-1-bln-settlement-with-shareholders-over-recovery-scandals-2023-05-16\/\">facing numerous fines and settlements<\/a>, Wells Fargo continues to be in the headlines, including paying $300 million in February 2022 for improperly charging customers for auto insurance and $3.7 billion in December 2021 to resolve US investigations into consumer abuses. In addition, a former executive who oversaw the fake account scheme pleaded guilty.<\/p>\n<p>While the proposed settlement is a significant step forward for the beleaguered bank, it is clear that the problems of Wells Fargo go further than this measly sum. The company must look inward and address its operational deficiencies and flaws in management, restoring trust in its stakeholders and the public at large.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo has agreed to pay a staggering $1 billion to settle a suit brought forward by its shareholders over the bank&#8217;s unauthorized customer accounts scandal from 2016. If approved, this will be one of the top 20 largest class-action settlements in history. Wells Fargo agreed to pay $1 billion to shareholders as it seeks [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":200632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"apple_news_api_created_at":"2023-05-22T07:45:20Z","apple_news_api_id":"efea0e0c-ebe1-429d-b1ef-854a9457ec54","apple_news_api_modified_at":"2023-05-22T07:45:20Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A7-oODOvhQp2x74VKlFfsVA","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/news-api.apple.com\/sections\/a256d957-d5f8-3bec-b93f-7f862cadbf92"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[44712,1],"tags":[47030,47031,47032,47034,47033,46918,47028,47029,18986],"class_list":["post-200631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-news-release","tag-class-action-settlement","tag-fines-and-settlements","tag-house-financial-services-committee","tag-management-flaws","tag-operational-deficiencies","tag-settlement","tag-shareholders-lawsuit","tag-unauthorized-accounts-scandal","tag-wells-fargo"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wells Fargo Agrees to $1B Settlement in Shareholders&#039; Lawsuit Over Unauthorized Accounts Scandal<\/title>\n<meta name=\"description\" content=\"Wells Fargo has agreed to pay a staggering $1 billion to settle a suit brought forward by its shareholders over the bank&#039;s unauthorized customer accounts Wells Fargo reaches a $1 billion settlement with shareholders over its unauthorized customer accounts scandal from 2016. This proposed settlement is one of the top 20 largest class-action settlements in history. 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This proposed settlement is one of the top 20 largest class-action settlements in history. The bank continues to face public scrutiny and must address its operational deficiencies and flaws in management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/shockyafans\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-22T07:45:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"735\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Alki David\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@shockya\" \/>\n<meta name=\"twitter:site\" content=\"@shockya\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alki David\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/\"},\"author\":{\"name\":\"Alki David\",\"@id\":\"https:\/\/www.shockya.com\/news\/#\/schema\/person\/1cd98c110056295f03f43aaa25aaebb4\"},\"headline\":\"Wells Fargo Agrees to $1B Settlement in Shareholders&#8217; Lawsuit Over Unauthorized Accounts Scandal\",\"datePublished\":\"2023-05-22T07:45:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/\"},\"wordCount\":279,\"publisher\":{\"@id\":\"https:\/\/www.shockya.com\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png\",\"keywords\":[\"CLASS-ACTION SETTLEMENT\",\"FINES AND SETTLEMENTS\",\"HOUSE FINANCIAL SERVICES COMMITTEE\",\"MANAGEMENT FLAWS\",\"OPERATIONAL DEFICIENCIES\",\"SETTLEMENT\",\"SHAREHOLDERS' LAWSUIT\",\"UNAUTHORIZED ACCOUNTS SCANDAL\",\"Wells Fargo\"],\"articleSection\":[\"FINANCIAL\",\"NEWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/\",\"url\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/\",\"name\":\"Wells Fargo Agrees to $1B Settlement in Shareholders' Lawsuit Over Unauthorized Accounts Scandal\",\"isPartOf\":{\"@id\":\"https:\/\/www.shockya.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shockya.com\/news\/2023\/05\/22\/wells-fargo-agrees-to-1b-settlement-in-shareholders-lawsuit-over-unauthorized-accounts-scandal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png\",\"datePublished\":\"2023-05-22T07:45:06+00:00\",\"description\":\"Wells Fargo has agreed to pay a staggering $1 billion to settle a suit brought forward by its shareholders over the bank's unauthorized customer accounts Wells Fargo reaches a $1 billion settlement with shareholders over its unauthorized customer accounts scandal from 2016. 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Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster \u2014 participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA \u2014 reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point \u2014 exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media\u2013legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua &amp; Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.\",\"sameAs\":[\"https:\/\/www.instagram.com\/alkidavid\"],\"url\":\"https:\/\/www.shockya.com\/news\/author\/grady\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wells Fargo Agrees to $1B Settlement in Shareholders' Lawsuit Over Unauthorized Accounts Scandal","description":"Wells Fargo has agreed to pay a staggering $1 billion to settle a suit brought forward by its shareholders over the bank's unauthorized customer accounts Wells Fargo reaches a $1 billion settlement with shareholders over its unauthorized customer accounts scandal from 2016. This proposed settlement is one of the top 20 largest class-action settlements in history. 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Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster \u2014 participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA \u2014 reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point \u2014 exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media\u2013legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua &amp; Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.","sameAs":["https:\/\/www.instagram.com\/alkidavid"],"url":"https:\/\/www.shockya.com\/news\/author\/grady\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Wells-Fargo.png","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pnMiA-QbZ","distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"","distributor_original_site_url":"https:\/\/www.shockya.com\/news","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/200631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/comments?post=200631"}],"version-history":[{"count":0,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/200631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media\/200632"}],"wp:attachment":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media?parent=200631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/categories?post=200631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/tags?post=200631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}