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id: 571, Created by Stan Vick Chase, Scout
Wells Fargo (WFC) $300 MM Securities Settlement
03 November 2016Class period Start
03 August 2017Class period End
27 February 2023Claim deadline
Wells 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.
14 February 2018
Construction Laborers Pension Trust for Southern California
Robbins Geller Rudman & Dowd LLP
Timothy J. Sloan, John R. Shrewsberry, Stephen Sanger, Mary Mack
Northern District of California
Hon. James Donato
Gilardi & Co LLC
Court hearing date
27 February 2023
26 January 2023
+$300,000,000Total Settlement Amount