CBJ Buzz: Wells Fargo agrees to $1B settlement for class-action lawsuit; Yelp names top breweries in Carolinas

The bank is paying $1 billion to settle a lawsuit.

CBJ Buzz: Wells Fargo agrees to $1B settlement for class-action lawsuit; Yelp names top breweries in Carolinas

Wells Fargo's (NYSE: WFC), a major financial institution, has settled a $1 billion lawsuit.

The Wall Street Journal, among others, reports that the bank has settled a class action suit filed by shareholders who claimed the company and past leaders overstated their progress in cleaning up governance and managing risk issues following its scandalous fake-accounts. The fallout from the 2016 scandal and other issues is still ongoing.

Wells Fargo is headquartered in San Francisco and is the largest employer of the Charlotte financial sector. The Federal Reserve has imposed a $2 trillion asset limit on the bank, and more enforcement actions are pending. This is after a $3.7 Billion settlement with the Consumer Financial Protection Bureau in December, and other significant payouts.

When asked during the company's "virtual annual meeting" last month, why it takes so long to fix the problems, CEO Charlie Scharf admitted to being surprised by the amount of work that still needs to be done.

When I joined Wells Fargo, we weren't as far along as expected, he said. He noted that "the work required to build the appropriate control and risk infrastructure and close consent order takes years when managed effectively."

In a press release sent to media outlets, the bank confirmed that the settlement agreement was reached in the shareholder lawsuit. The statement reads: "While we do not agree with the allegations made in this case, it is a relief that this matter has been resolved."

The court must still approve the settlement.

Wells Fargo closed today at 38.39, down almost 1% from yesterday’s close of $38.77. However, it is still slightly higher than where it finished last week.

Yelp names Hillman Low Tide as the top brewery in Carolinas

Yelp has released a list of "Top Breweries in Every State" based on reviews and ratings on the website.

Hillman Beer, located in Old Fort in North Carolina, is a family-owned business that began in Asheville, one of the top cities for beer lovers in the U.S., according to SmartAsset. According to the website, Brad Hillman began home brewing in 2006. He, his brother Greig Hillman, and his sister-in law Brandi Hillman opened Hillman Beer’s first location in Asheville, near the famed Biltmore Estate, in 2017. In 2020, the Old Fort taproom will be opened. The brewery will also take over the former Catawba Brewing facility in Morganton as its third location.

Hillman Beer received 78 reviews with a 5-star rating on Yelp.

Low Tide Brewing, located at Johns Island near Charleston in South Carolina, makes the list. The brewery was founded by Mike Fielding, a homebrewer for many years. Andy Elliott is also co-owner. Yelp has 208 ratings and a rating of 4.5 stars.