Wells Fargo & Co. (WFC.N) agreed to pay US$480 million to settle a class-action lawsuit in which investors accused the bank of securities fraud related to its fake-account scandal.

The bank had previously set aside reserves for the settlement, according to a regulatory filing Friday. Wells Fargo said in a statement that it denies the allegations in the suit.

It’s the latest cost for Wells Fargo from a consumer banking scandal that arose in September 2016. That issue, in which employees opened as many as 3.5 million bogus accounts, ultimately cost then-Chief Executive Officer John Stumpf his job.

Last month, the San Francisco-based bank settled with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for an unprecedented US$1 billion to cover issues in auto lending and mortgages. In February, the Federal Reserve imposed a sanction prohibiting the bank from boosting total assets beyond their level at the end of 2017 until it fixes shortcomings.

Wells Fargo executives are set to update analysts and shareholders on financial targets and regulatory matters at an investor day scheduled for May 10.

The shareholder case is Hefler v. Wells Fargo & Co., 3:16-cv-05479, U.S. District Court, Northern District of California (San Francisco).