Wells Fargo Bank NA has agreed to pay $50 million to settle two suits alleging the bank disregarded red flags in a lawyer’s trust account, allowing an investment scam to flourish, according to court filings.
About 900 investors lost $240 million in attorney Matthew Beasley’s alleged Ponzi scheme promoting purported loans to personal injury plaintiffs, according to the filings. If approved, the settlement would resolve both a proposed class action and a court-appointed receiver’s suit, both benefiting the defrauded individuals, attorneys in the cases told the US District Court for the District of Nevada on Monday.
The settlement is the ...
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