Wells Fargo To Pay Up To $2.5M To Settle Wachovia Suits

Wells Fargo said in a filing with the Securities Exchange Commission on Friday that its board would improve some of its governing practices as part of the proposed pact, which would resolve claims by shareholders that Wachovia bought Golden West Financial in 2006 without reviewing the mortgage lender’s portfolio sufficiently, American Banker reported. Wells Fargo has agreed to pay up to $2.5 million in attorneys’ fees to settle two lawsuits that stem from its purchase of Wachovia in 2008.