Welcome to the Wells Fargo Securities Litigation Website.
The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”). Because this website is just a summary, you should review the Notice for additional details.
The Court-appointed Lead Plaintiffs Handelsbanken Fonder AB; Public Employees’ Retirement System of Mississippi; State of Rhode Island, Office of the General Treasurer; and Louisiana Sheriffs’ Pension & Relief Fund, on behalf of themselves and the Settlement Class, have settled the Action for $1,000,000,000 in cash ("Settlement"). The Settlement resolves all claims in the Action.
On September 8, 2023, the Court held a hearing to consider final approval of the Settlement and other matters. At the hearing, the Court approved the Settlement and Plan of Allocation and Lead Counsel’s motion for attorney's fees and litigation expenses. The same day, the Court entered a Judgment Approving Class Action, an Order Approving Plan of Allocation of Net Settlement Fund, and an Order Awarding Attorneys’ Fees and Litigation Expenses.
The Settlement Class consists of:
All persons or entities who purchased or otherwise acquired the common stock of Wells Fargo during the Class Period (i.e., from February 2, 2018, through March 12, 2020, inclusive), and were damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition (see paragraph 17 of the Notice).
The claims administration concluded in July 2024. On July 29, 2024, Lead Counsel filed a Motion for Approval of Distribution Plan seeking the Court’s permission to distribute the net settlement fund to Court-approved eligible claimants. On August 28, 2024, the Court approved the initial distribution of the net settlement fund. The initial distribution occurred on October 22, 2024.