Wells Fargo (WFC) $300 MM Securities Settlement

N.D. California

Court

3:18-cv-03948-JD

Case number

11/03/2016

Class period Start

08/03/2017

Class period End

08/21/2023

Claim 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.

Case Status

Disbursement

Alleged Offence

Misleading Statements,

Failure to Disclose,

Negligence,

Omissions

Suspected Party

Directors,

Management,

Service Provider

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.66

Filing date

02/14/2018

Plaintiffs

Construction Laborers Pension Trust for Southern California

Attorneys

Robbins Geller Rudman & Dowd LLP

Defendants

Timothy J. Sloan, John R. Shrewsberry, Stephen Sanger, Mary Mack

Judge

Hon. James Donato

Administrator

Gilardi & Co LLC

Court hearing date

08/17/2023

Exclusion deadline

01/26/2023

Objection deadline

07/27/2023

Hearing deadline

07/27/2023

Trades matching type

FIFO

+$300,000,000

Cash Settlement Amount