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Wells Fargo Pays $1 Billion to Shareholders

Wells Fargo Pays $1 Billion to Shareholders

by Starling Insights

Starling Insights Editorial Board

May 23, 2023

Observations

The Costs of Misconduct Culture & Consequences Culture & Performance Resilience & Culture The Era of Accountability

Last week, Wells Fargo agreed to pay $1 billion to settle a lawsuit alleging it defrauded shareholders about its progress in recovering from the scandals that have plagued it in recent years.

Wells Fargo has been operating under consent orders from several regulators since 2018, requiring that it improve its governance and risk management. The shareholders claim that the bank overstated its compliance with these orders, losing more than $54 billion in market value in the two years ending March 2020 due to the continuing deficiencies.

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