Wells Fargo agrees to pay $480M to settle shareholder suits

Wells Fargo says it has agreed to pay $480 million to resolve a class-action lawsuit brought by shareholders who claim the bank misstated or failed to disclose details about its sales practices.
The San Francisco-based bank said Friday that the agreement is in principle, and must be approved by the court before it’s finalized.
Wells Fargo denies the claims and allegations in the lawsuits, which were filed in federal court in Northern California. It says it elected to settle the complaints