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WFC.US
id: 571, Created by Stan Vick Chase, Scout
Wells Fargo (WFC) $300 MM Securities Settlement
Settled
03 November 2016
Class period Start03 August 2017
Class period End27 February 2023
Claim deadlineWells Fargo (WFC) agreed to pay $300'000'000 to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders knowingly concealed and made false statements about Collateral Protection Insurance and Guaranteed Asset Protection insurance, allegedly in violation of the Securities Exchange Act of 1934.
The Complaint further alleged that the omissions and false and misleading statements artificially inflated the price of Wells Fargo’s common stock (WFC) and that, when the Company disclosed the true facts, Wells Fargo’s stock price dropped.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Case number
3:18-cv-03948-JD
Filing date
14 February 2018
Lead plaintiff
Construction Laborers Pension Trust for Southern California
Attorney
Robbins Geller Rudman & Dowd LLP
Defendants
Timothy J. Sloan, John R. Shrewsberry, Stephen Sanger, Mary Mack
Court
Northern District of California
Judge
Hon. James Donato
Administrator
Gilardi & Co LLC
Court hearing date
27 February 2023
Exclusion deadline
26 January 2023
+$300,000,000
Total Settlement Amount