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Aug. 18 - Wells Fargo Bank N.A. agreed to a $62.5 million settlement in a class action challenging its securities lending program.
Under the program, Wells Fargo loaned investors' securities to third-party borrowers in exchange for cash collateral that the bank then invested. The lawsuit accused Wells Fargo of failing to ensure that these collateral funds were invested in safe short-term investments, instead investing these funds in high-risk securities.
The investors received class certification in March 2012, with a subclass of Employee Retirement Income Security Act plans being created in January.
The settlement agreement received final approval Aug. 18 by Judge Donovan W. Frank of the U.S. District Court for the District of Minnesota. Frank also awarded class counsel attorneys' fees totaling $20.8 million, which represented one-third of the settlement amount.
The investors were represented by Zimmerman Reed PLLP; Miller Law Firm PC; Glancy Binkow & Goldberg LLP; Wagner Firm; and VanOverbeke, Michaud & Timmony PC. Wells Fargo was represented by Munger Tolles & Olson LLP; Zelle Hofmann Voelbel & Mason LLP; and Winthrop & Weinstine PA.
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