Wells Fargo in $105M Settlement with Medical Capital

According to Zacks Equity Research, Wells Fargo has agreed to pay $105 million to settle a lawsuit filed against it by Medical Capital Holdings.

Zacks notes that the lawsuit alleged that Wells Fargo, acting as a trustee for debt issued by Medical Capital Holdings, failed to protect the investors against fraud.

Zacks said the settlement agreement was filed in the U.S. District Court in Santa Ana, CA. This was subsequent to a judge’s dismissal of Wells Fargo’s bid to seek relief from the charges in April.

Link to Zacks Equity Research report.

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