Wells Fargo Reaches $1 Bln Settlement To Resolve Federal Securities Class Action Lawsuit

RTTNews | 915 hari yang lalu
Wells Fargo Reaches $1 Bln Settlement To Resolve Federal Securities Class Action Lawsuit

(RTTNews) - Law firm Bernstein Litowitz Berger & Grossmann (BLB&G) announced Tuesday that it has reached a settlement agreement on behalf of its clients and a class of investors with Wells Fargo & Co (WFC), which has agreed to pay $1 billion in cash to resolve a federal securities class action lawsuit in the United States.

The action, In re Wells Fargo & Company Securities Litigation, No. 20-CV-04494 (GHW), is pending in the U.S. District Court for the Southern District of New York before Judge Gregory Woods.

The action alleges that Wells Fargo issued false and misleading statements to investors regarding the status of Wells Fargo's compliance with regulatory Consent Orders requiring the bank to remedy serious risk management deficiencies.

Wells Fargo's investors were harmed after a series of disclosures revealed that Wells Fargo had misrepresented its compliance with those orders, causing a decline in Wells Fargo's stock price.

The $1 billion settlement was reached after three years of hard-fought litigation and was achieved with the assistance of a respected mediator, former U.S. District Judge Layn Phillips.

If approved by Judge Woods, the settlement will be among the top six U.S. securities class action settlements in the past decade and among the top 17 of all time.

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First Republic Bank Secures $30 Bln Rescue Fund From Major US Banks

First Republic Bank Secures $30 Bln Rescue Fund From Major US Banks

First Republic Bank, the latest casualty in the ongoing banking turmoil, said it has secured around $30 billion funding from America's 11 largest banks as a lifeline, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Following the news, the bank's stock, which has been sinking since last week, gained around 10% on Thursday from the previous day's close.
RTTNews | 975 hari yang lalu
Wells Fargo Launches Short-term Flex-Loan

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RTTNews | 1095 hari yang lalu
Australian Market Extends Early Losses In Mid-market

Australian Market Extends Early Losses In Mid-market

The Australian stock market is extending its early losses in mid-market trading on Monday, adding to the losses in the previous four sessions, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,600.00 level, with weakness in financial stocks and mixed performance across most other sectors.
RTTNews | 1j 19min yang lalu
Asian Markets Trade Mixed

Asian Markets Trade Mixed

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RTTNews | 1j 40min yang lalu
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Indian Shares Set To Open On Firm Note

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Lower Open Called For Thai Stock Market

Lower Open Called For Thai Stock Market

The Thai stock market headed south again on Friday, one day after ending the two-day slide in which it had given up more than 20 points or 1.6 percent. The Stock Exchange of Thailand now sits just beneath the 1,270-point plateau and it's expected to see continued consolidation on Monday.
RTTNews | 2j 45min yang lalu
Indonesia Shares May Take Further Damage On Monday

Indonesia Shares May Take Further Damage On Monday

The Indonesia stock market has finished lower in back-to-back sessions, falling almost 20 points or 0.3 percent along the way. The Jakarta Composite Index now sits just above the 8,370-point plateau and it's likely to open under water again on Monday.
RTTNews | 3j 15min yang lalu
Japanese Market Modestly Lower

Japanese Market Modestly Lower

The Japanese stock market is trading modestly lower on Monday, extending the sharp losses in the previous session, following the mixed cues from Wall Street on Friday, with the Nikkei 225 falling below the 50,200 level, with weakness exporter and automaker stocks as well as a mixed performance across most other sectors.
RTTNews | 3j 19min yang lalu