Wells Fargo agreed to an $85 million settlement this week amid claims that it had held ‘fake’ job interviews to hit diversity targets. The lawsuit was filed by SEB Investment Management and accuses the financial giant of meeting with such candidates without any intention of hiring them. The company has maintained its innocence and insisted that the settlement was to avoid a continued financial toll from legal proceedings.

According to reports, the “sham interviews” were held between February 2021 and June 2022 for certain higher-paying roles. Another candidate had already been selected for the roles when many of these meetings took place. Investors had taken action against the bank after media reports highlighted the issue and sent stock prices plummeting in 2022.

“We believe the claims

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