Wells Fargo $110 Million Investor Deal Gets First Court Nod (1)

Wells Fargo & Co. officers and directors’ agreement to spend $100 million on mortgage assistance for low- and moderate-income borrowers earned a federal judge’s initial blessing to settle a suit accusing them of corporate mismanagement through discriminatory hiring and lending practices.

The settlement’s terms, which amounts to a $110 million value given a monetary influx from the directors’ insurer, “confer substantial corporate benefits on Wells Fargo,” Judge Trina L. Thompson said while preliminarily approving of deal.

The assistance fund “will improve Wells Fargo’s reputation among prospective customers in the targeted communities,” the US District Court for the Northern District of ...