Mealey's Litigation Procedure - Judge Gives Final Approval To $62.5M Securities Class Action Settlement

Mealey's Litigation Procedure - Judge Gives Final Approval To $62.5M Securities Class Action Settlement

MINNEAPOLIS - A federal judge in Minnesota on Aug. 18 granted final approval of a $62.5 million settlement on shareholder claims that Wells Fargo N.A. failed to ensure that certain funds that were part of a securities-lending program were not high-risk and long-term investments in violation of several common-law and Minnesota statutes (The City of Farmington Hills Employees Retirement System v. Wells Fargo Bank N.A., No. 10-4372, D. Minn.).

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