New York : US bank Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit by shareholders who accused it of not having changed its management and practices quickly enough after a series of scandals. The agreement has been submitted to a federal judge in Manhattan for approval, according to a document filed Monday. In June 2020, a group of shareholders, including Sweden's Handelsbanken Fonder AB and the Louisiana Sheriffs' Pension & Relief Fund, launched a class action against the San Francisco-headquartered bank. Their lawsuit accused Wells Fargo of shortcomings in strengthening its risk control and compliance following commitments made to regulators in 2018. At the time, the Federal Reserve had forced the bank to submit a plan to take control of the management, accompanied by a temporary asset cap following a series of compliance problems.