Wells Fargo & Co. settled a lawsuit over claims it mismanaged institutional investors' collateral received as part of its securities lending program, lawyers for both sides told a judge as a trial was close to starting. The terms weren't disclosed.
The trial would have been the third for San Francisco-based Wells Fargo over its program of temporarily lending an institutional investor's holdings to a third party in exchange for collateral that the bank invests with the objective of producing a profit for its client.
The bank lost a $30.1 million jury verdict in 2010 then won a trial over an $8.2 million claim last year.
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