Wells Fargo (NYSE:WFC) has agreed to pay $6.5 million to settle a mortgage investment case.
Wells Fargo To Pay $6.5m To Settle Case
The Securities and Exchange Commission has announced that Wells Fargo (NYSE:WFC) has agreed to settle a mortgage investment case by paying $6.5 million.
Federal regulators had said that the bank sold troubled mortgage investments without understanding their complexities and it also failed to disclose the risks to investors.
However, the bank did not admit or deny the allegations.
A Wells Fargo (NYSE:WFC) spokeswoman said, “These issues occurred more than five years ago and pertain to a part of the firm that was completely revamped after the merger with Wachovia. Wells Fargo (NYSE:WFC) is pleased to put this matter behind us”.
Wells Fargo (NYSE:WFC) stocks are currently standing at 33.96.