Wells Fargo Advisors Reported Closed Lawsuits 2025. Wells Fargo Bank Reported Closed Settlements 2024 Settlements Dore Nancey Wells Fargo Advisors has agreed to pay $78.95 million to resolve a class-action lawsuit from former brokers alleging that it illegally withheld deferred compensation when they left to join other. If you had a Wells Fargo account between 2011 and 2022, you might be one of the 16 million customers who qualify for damages.
Wells first disclosed the existence of the investigation in late October and said in reporting earnings last month that it would take a $350 million hit to revenue this year as it raised the rates. Securities and Exchange Commission smacked Wells Fargo and Bank of America with a combined $60 million in penalties for allegedly mismanaging the cash sweeps of their clients.
Securities and Exchange Commission smacked Wells Fargo and Bank of America with a combined $60 million in penalties for allegedly mismanaging the cash sweeps of their clients. Under the settlement, Wells Fargo Clearing Services, Wells Fargo Advisors Financial Network and Merrill Lynch agreed to pay civil penalties of $28 million, $7 million and $25 million, respectively. Wells first disclosed the existence of the investigation in late October and said in reporting earnings last month that it would take a $350 million hit to revenue this year as it raised the rates.
Wells Fargo Advisors, related firm to pay 35 million fine to resolve charges that it overbilled. The Securities and Exchange Commission fined Wells Fargo Advisors and Merrill Lynch a combined $60 million for failing to pay advisory customers a fair rate on cash sweeps, according to an. A spokesperson for Wells Fargo, which agreed to pay $35 million across two firms, said in a statement: "Our agreement with the SEC puts this broader industry matter behind us", noting the firm has.
Wells Fargo Agrees to 1B Settlement in Shareholders' Lawsuit Over Unauthorized Accounts Scandal. According to the orders, Wells Fargo Advisors and Merrill Lynch failed to adopt and implement reasonably designed policies and procedures (1) to consider the best interests of clients when evaluating and selecting which cash sweep program options to make available to clients, including during periods of rising interest rates, and (2) concerning the duties of financial advisors in managing. If you had a Wells Fargo account between 2011 and 2022, you might be one of the 16 million customers who qualify for damages.