Wells Fargo Denies Wrongdoing, Reaches Settlement Over Bogus Accounts

Wells Fargo 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, according to Reuters.

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.

Insurers for 20 current and former Wells Fargo executives and directors, will pay the $240 million to the bank. The officials denied wrongdoing.