Wells Fargo reaches $1.2 billion U.S. mortgage settlement

Wells Fargo & Co (WFC.N) has formally reached a $1.2 billion settlement to end a U.S. Department of Justice lawsuit accusing it of knowingly deceiving the federal government into insuring thousands of risky mortgages.

The accord was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.

Source: Reuters