Minnesota Court Grants Preliminary Approval for Wells Fargo Settlement

U.S. District Court judge Donovan Frank has granted preliminary approval for Wells Fargo's $62.5 million settlement in a class action case in Minnesota related to securities lending losses from the financial crisis.
By Jake Safane(2147484770)
U.S. District Court judge Donovan Frank has granted preliminary approval for Wells Fargo’s $62.5 million settlement in a class action case in Minnesota related to securities lending losses from the financial crisis.

A final approval hearing is set for August 14, 2014. In settling the case, Wells Fargo does not admit wrongdoing for losses sustained by institutional investors who participated in securities lending program from 2006-2010.

Regardless of the outcome of the case, Wells Fargo has been planning to fully terminate its program in 2015. The bank has been running a temporary, limited program since selling the bulk of it to Citibank in 2011.

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