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June 15, 2018

Wells Fargo settles retail sales lawsuit for $142 million

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A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

Wells Fargo (NYSE:WFC) & Co said a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.

Wells Fargo’s shares fell 0.88 percent to $54.26 in premarket trading.

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