Wells Fargo & Co. agreed to pay $105 million to settle a lawsuit by Medical Capital Holdings Inc. noteholders who alleged the bank, as a trustee, failed to protect their investment.
The noteholders and the bank filed a settlement agreement today in federal court in Santa Ana, California. Wells Fargo denies wrongdoing, according to the filing. Bank of New York Mellon Corp. in February agreed to pay $114 million to settle similar claims that it breached its duty as trustee for notes issued by Medical Capital.
