{"id":49931,"date":"2023-05-18T07:29:01","date_gmt":"2023-05-18T11:29:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=49931"},"modified":"2023-05-18T07:30:06","modified_gmt":"2023-05-18T11:30:06","slug":"wells-fargo-agrees-to-1b-settlement-for-shareholders-in-lawsuit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/wells-fargo-agrees-to-1b-settlement-for-shareholders-in-lawsuit\/","title":{"rendered":"Wells Fargo Agrees to $1B Settlement for Shareholders in Lawsuit"},"content":{"rendered":"\n

Wells Fargo has settled a class-action lawsuit<\/a> which alleges that the bank misled its shareholders regarding its efforts to address the 2016 phony accounts scandal by agreeing to pay $1 billion to its shareholders. <\/p>\n\n\n\n

\"Wells
Wells Fargo agrees to $1B Settlement for Shareholders in Lawsuit<\/figcaption><\/figure>\n\n\n\n

United States district judge Gregory Woods granted preliminary approval to a $1 billion cash-only settlement in Manhattan federal court. On September 8, there will be another hearing for final approval.<\/p>\n\n\n\n

In a statement, the bank expressed disagreement with the lawsuit's allegations. Despite disagreeing with the accusations, the organization is “pleased to have resolved this matter.”<\/p>\n\n\n\n

Wells Fargo also reached a $3.7 billion settlement with the Consumer Financial Protection Bureau\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in December 2022 to resolve allegations that the bank's actions harmed over 16 million people with deposit accounts, auto loans, and mortgages.<\/p>\n\n\n\n

At the time, Brad Garlinghouse, CEO of Ripple, likened the Wells Fargo issue to the FTX collapse. According to Garlinghouse, the world was incensed by FTX, which he deemed “appropriate.” <\/p>\n\n\n\n

However, the CEO expressed concern over the absence of attention given to the Wells Fargo case, as it “mismanaged billions in customer funds.”<\/p>\n\n\n\n

On a recent Reddit forum<\/a>, members of the community expressed similar concerns. One Reddit user suggested on May 17 that the U.S. Securities and Exchange Commission should also investigate banks. They wrote:<\/p>\n\n\n\n

\n

\u201cPeople put their hard-earned money in a bank thinking it is 100% safe, take loans for house and cars only to be scammed out of it.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Additionally, the community member argued that banks violated regulations multiple times per year, but “the SEC has remained relatively silent” about it. <\/p>\n\n\n\n

The sentiment was echoed by a second Reddit user, who stated that it is “obvious the banks get a pass for the most part.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Wells Fargo has settled a class-action lawsuit which alleges that the bank misled its shareholders regarding its efforts to address the 2016 phony accounts scandal by agreeing to pay $1 billion to its shareholders. United States district judge Gregory Woods granted preliminary approval to a $1 billion cash-only settlement in Manhattan federal court. On September […]<\/p>\n","protected":false},"author":12,"featured_media":49935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7327,11794,3926],"class_list":["post-49931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-class-action-lawsuit","tag-settlement","tag-wells-fargo"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/image-46.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=49931"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/49935"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=49931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=49931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=49931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}