LAW360 - Law 360

Wells Fargo Settles $50M Lawsuit Over Alleged Ponzi Scheme Involvement Wells Fargo has agreed to a $50 million settlement to resolve a proposed class action lawsuit. The lawsuit accuses the bank of knowingly assisting a Las Vegas attorney in operating a multimillion-dollar Ponzi scheme. This scheme allegedly deceived investors into providing funds for borrowers waiting on personal injury settlement payouts. The preliminary approval for this settlement was granted by a Nevada federal court.