The class-action lawsuit was filed on behalf of hundreds of thousands of public employees of Rhode Island and Mississippi whose retirement funds had invested in Wells Fargo.
Shareholders had alleged the bank was dishonest in communicating how quickly they were fixing the systems meant to prevent it from opening phony accounts.
The San Francisco bank agreed to a deal with its shareholders after allegedly making misleading statements about its progress in resolving regulatory problems. The agreement is the second-largest bank class-action settlement in history.