- Associated Press - Saturday, May 31, 2014

MINNEAPOLIS (AP) - Wells Fargo & Co. has agreed to pay $62.5 million to settle class action claims over a largely defunct retirement program that was managed out of Minneapolis.

A group of investors, including the city of Farmington Hills’ employee retirement system, sued the bank in 2010, claiming Wells Fargo mischaracterized a high-risk investment program as conservative and safe. The investors claimed they “suffered significant losses” as a result, according to the Pioneer Press.

San Francisco-based Wells Fargo has maintained no wrongdoing, according to the Star Tribune.

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“We are pleased to reach a settlement of this lawsuit, for Wells Fargo and our clients that we served for many years through our securities lending program,” a company statement said.

Wells Fargo will discontinue its securities lending program in 2015, according to court documents.

A federal judge in St. Paul will consider preliminary approval Thursday.


Information from: Star Tribune, https://www.startribune.com

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