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In Brief / MUTUAL FUNDS

Wells settlement to pay $1.15 million

October 27, 2007|From Times Wire Services

Wells Fargo & Co. won preliminary approval to pay $1.15 million and resolve shareholder claims that the bank failed to disclose payments made to brokerage firms.

In a lawsuit filed in federal court in San Francisco, the investors claimed Wells Fargo charged them excessive fees to pay the brokers for promoting its funds, said Adam Gutride, a lawyer for the shareholders.

Wells Fargo denied the allegations, saying the payments were lawful and properly disclosed.

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