Wells Fargo & Co. will receive $240 million from insurers to settle several lawsuits by shareholders in connection with the unauthorized-accounts scandal that rocked the San Francisco financial institution.
Wells Fargo & Co. will receive $240 million from insurers to settle several lawsuits by shareholders in connection with the unauthorized-accounts scandal that rocked the San Francisco financial institution.
because of the controversy, and Carrie Toldstedt, the former head of Wells Fargo’s community banking division, according to a filing Thursday in U.S. District Court in San Francisco.Also among the officials named as defendants in the suit were current and former members of the bank’s board of directors, including Transportation Secretary Elaine Chao, who served on the board from 2011 to 2017.
The suits sought to hold the bank officials “accountable for a scandal that has significantly damaged one of America’s largest financial institutions.”
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