Wells Fargo, Investors Reach Settlement on Hiring Practices (1)

Wells Fargo has agreed to resolve investors’ class claims that it misled them about its diversity hiring practices, the parties told a federal court Thursday.

The bank and its investors didn’t disclose the terms in announcing the settlement in principle. They’ll seek preliminary approval by Oct. 27, they told the US District Court for the Northern District of California.

The notification comes less than two weeks after Wells Fargo directors announced a settlement in principle with investors who sued on behalf of the company in a parallel derivative suit over the scandal.

The suits, both before Judge Trina L. Thompson, ...