Wells Fargo’s $110 Million Discrimination Settlement is Approved

Wells Fargo & Co. received final court approval of a $110 million settlement to resolve a shareholder derivative lawsuit accusing the bank of corporate mismanagement through discriminatory hiring and lending.

The accord will require Wells Fargo to create a $100 million fund for mortgage assistance for low- and moderate-income borrowers, and includes a $10 million director-and-officer’s insurance payment to the company.

Judge Trina Thompson of the US District Court for the Northern District of California said in her Friday approval order that the settlement is fair and reasonable based on the complexity of future litigation and “arm’s-length and informed negotiations” ...