Below is the first part of an article by Rick Baert from pionline.com. It reads…
Wells Fargo & Co. settled a federal class-action lawsuit led by the $132 million Farmington Hills (Mich.) Employees’ Retirement System that claimed the bank breached its fiduciary duty when it lost money through its securities lending program, according to court documents. A trial, the third against the bank over its now-shuttered securities lending program, had been scheduled to start Monday in U.S. District Court in St. Paul, Minn., but attorneys for both sides told federal Judge Donovan Frank they had reached a settlement.
Details of the settlement were not disclosed.
A hearing is scheduled for June 5, when a detailed settlement proposal will be presented to Mr. Frank for preliminary approval, according to court documents.
“We are pleased to reach a settlement of this lawsuit, for Wells Fargo and our clients that we served for many years through our securities lending program,” said a company statement provided by spokeswoman Peggy Gunn.
Officials at law firm Zimmerman Reed, representing the plaintiffs, did not return requests for comment or further details by press time.
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