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 Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). Because this website is just a summary, you should review the Notice for additional details.
The Court-appointed Lead Plaintiff, Union Asset Management Holding, AG (“Union” or “Lead Plaintiff”), on behalf of itself and the other members of the Settlement Class (as defined below), has reached a settlement of this action captioned Hefler, et al. v. Wells Fargo & Company, et al., Case No. 3:16-CV-05479-JST (N.D. Cal.) (the “Action”), pending in the United States District Court for the Northern District of California for $480 million in cash (the “Settlement”). The Settlement settles and releases all claims asserted in this Action.
The Action alleged that Wells Fargo & Company ("Wells Fargo") and certain officers and directors of Wells Fargo violated the federal securities laws. Plaintiffs allege that, during the Class Period (i.e., February 26, 2014 through September 20, 2016, inclusive), defendants made misrepresentations and omissions about Wells Fargo’s “cross-selling” business model, including failing to disclose that thousands of Wells Fargo employees were opening unauthorized deposit and credit card accounts without the knowledge or consent of Wells Fargo’s customers.
On December 18, 2018, after a hearing, the Court entered an Order approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and approving Lead Counsel’s motion for attorneys’ fees and expenses.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Settlement Class consists of:
All persons and entities who purchased Wells Fargo common stock from February 26, 2014 through September 20, 2016, inclusive (the “Class Period”).
Please read the Notice to fully understand your rights and options.