Wells Fargo Settles Robosigning Claims, Will Commit $67 Million to New Initiatives

Wells Fargo will commit roughly $67 million in several new initiatives as part of a settlement of “robosigning” claims in connection with home mortgages and foreclosures (City of Westland, Calif., v. Wells Fargo & Co.settlement disclosed).

The accord, which gained preliminary approval in a May 12 order by Judge Susan Illston of the U.S. District Court for the Northern District of California, was disclosed May 23 in a filing with federal securities regulators.

The settlement, if given final approval, would resolve several cases consolidated in Illston’s court that said Wells Fargo officials breached their fiduciary duty of to ...