Skip to content

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • 20,000 AI Users at Travelers
  • Why Insurance Telematics Integrations Fail
  • AI on Trial: What Lawsuits Reveal About Casualty Exposure
  • Carrier Management
  • C-Suite
  • News
  • Research
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Join
  • Login
  • Boardroom Agenda
  • CEO / Chief Executive
  • CFO / Financial
  • Underwriting
  • CTO / Technology
  • Risk
  • Brand Management & Sales
  • Investment Officers
  • Claims / Legal
  • Talent Management
Harsher Point Values for New York Driving Violations Set to Begin Feb.16
Unregulated Trucking Schools Continue to Operate in California With Little Oversight: Report
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
Nationwide Acquiring Renewal Rights for Surety, Fidelity Biz From Main Street America Insurance
Jury Finds Uber Must Pay $8.5M Over Driver Sex Assault Claims

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
Earnings Wrap-Up: Expanding Geographies. But First, Underwriting Profit at Selective
Earnings Wrap: With AI-First Mindset, ‘Sky Is the Limit’ at The Hartford
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
After Falling 6% in 2025, Average Auto Insurance Cost Will Stabilize in 2026, Says Insurify
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
Insurance Regulators, Trades Get Behind Latest Effort to Abolish FIO
Outlook on Reinsurance Has Changed; Pre-’23 Property Pricing Back: AM Best
First Atlantic Hurricane Forecast for 2026 Suggests Season Close to 30-Year Norm
Expense Ratio Analysis: AI, Remote Work Drive Better P/C Insurer Results
Five AI Trends Reshaping Insurance in 2026
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut

See all Top 50

Lessons From 25 Years Leading Accident & Health at Crum & Forster
Modern Underwriting Technology: Decisive Steps to Successful Implementation
Navigating Seasonal Spikes in Insurance: Lessons From the 2025 LA Wildfires
Six Forces That Will Reshape Insurance in 2026

See all Members Only Content

Benefits

  • News for the P/C Insurance C-Suite - Focused reporting from reliable sources and experienced financial journalists.
  • Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts.
  • High-Profile Peers - Interviews with thought leaders in the global and U.S. insurance industry.

Online Access

Complete, unrestricted access to the popular CarrierManagement.com website, which provides insurance company C-suite executives with daily news, white papers, advice, instruction and editorial on how to manage insurance companies more efficiently and more effectively.

Wells Fargo Will Pay $480M to Resolve Fake-Accounts Lawsuit

Print Email
May 7, 2018 by Hannah Levitt

Wells Fargo & Co. agreed to pay $480 million to settle a class-action lawsuit in which investors accused the bank of securities fraud related to its fake-account scandal.

The settlement resolves the main class-action suit brought by shareholders targeting the bank’s allegedly deficient disclosures related to its sales practices. It had previously set aside reserves for the settlement, according to a regulatory filing Friday. Wells Fargo said in a statement that it denies the allegations in the suit.

“Moving to put this case behind us is in the best interest of our team members, customers, investors and other stakeholders,” Chief Executive Officer Tim Sloan said in the statement.

This is the latest cost for Wells Fargo from a consumer banking scandal that arose in September 2016. That issue, in which employees opened as many as 3.5 million bogus accounts, ultimately cost then-CEO John Stumpf his job. The bank still faces a bevy of other lawsuits on related matters.

Last month, the San Francisco-based bank settled with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for an unprecedented $1 billion to cover issues in auto lending and mortgages. In February, the Federal Reserve imposed a sanction prohibiting the bank from boosting total assets beyond their level at the end of 2017 until it fixes shortcomings.

The lender said in a filing Friday that “reasonably possible” legal charges could be as high as $2.6 billion beyond reserves as of March 31. This is down from $2.7 billion in the previous quarter.

Wells Fargo executives are set to update analysts and shareholders on financial targets and regulatory matters at an investor day scheduled for May 10.

The shareholder case is Hefler v. Wells Fargo & Co., 3:16-cv-05479, U.S. District Court, Northern District of California (San Francisco).

Copyright 2026 Bloomberg.
Print Email
Claims / LegalClaims & ReservingCommercial LinesLitigation/Liability TrendsMarketsNewsRiskThe C-SuiteU.S.Underwriting

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Modern Underwriting Technology: Decisive Steps to Successful Implementation
Allianz Built an AI Agent to Train Claims Professionals in Virtual Reality
Nearly 26.2M Workers Are Expected to Miss Work on Super Bowl Monday
Beazley Agrees to Zurich’s Sweetened £8 Billion Takeover Bid

Related Articles

Wells Fargo Could Get $1B Fine to Resolve Auto Insurance, Mortgage Lending Abuses
Judge Rejects Wells Fargo Bid to End Predatory Lending Lawsuit
Wells Fargo Settles Phony Bank Account Scandal for $142M
Wells Fargo Suit Alleges Bank Encouraged Use of Hidden Fees in Finance Programs
Wells Fargo Will Fork Over $2.09B to Resolve Longstanding U.S. Mortgage Probe
Wells Fargo, Ex-CEO Fail to Squash Shareholder Lawsuit Over Fake Accounts
Wells Fargo Reportedly Risks Record Fine From U.S. Consumer Watchdog for Various Abuses

Latest Magazine

Carrier Management magazine
View All

Research & Whitepapers

Free Newsletter

NewsletterSign up to receive daily news!

Our Contributors

Scott AntonModern Underwriting Technology: Decisive Steps to Successful ImplementationGary McGeddyLessons From 25 Years Leading Accident & Health at Crum & ForsterTim QueenFive AI Trends Reshaping Insurance in 2026Cayce LynchNegotiation by Design: Why Writing Beats TalkingSee All Our Contributors
  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • 20,000 AI Users at Travelers
  • Why Insurance Telematics Integrations Fail
  • AI on Trial: What Lawsuits Reveal About Casualty Exposure
  • How to Fix Missing Claims Skill: Negotiation

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • Cotality
  • Cytora
  • HazardHub
  • Indico Data
  • Majesco
  • Verisk
  • Vertafore

Connect with us

  • Email Newsletters
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Carrier Management

  • Submit Content
  • Advertise
  • Subscribe
  • Contact Us

Wells Media Group Network

  • Carrier Management iconCarrier Management
  • Insurance Journal iconInsurance Journal
  • Claims Journal iconClaims Journal
  • IJ Academy iconInsurance Journal Academy
  • Insurance Journal TV iconInsurance Journal TV
  • MyNewMarkets.com iconMyNewMarkets.com
© 2026 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map