Wells Fargo 2018 Securities Litigation
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Welcome to the Wells Fargo 2018 Securities Litigation Website

This website has been established to provide general information related to the Wells Fargo 2018 Securities Litigation.

This is a securities class action brought by Class Representative Construction Laborers Pension Trust for Southern California alleging violations of the Securities Exchange Act of 1934 against Wells Fargo & Co. (“Wells Fargo” or the “Company”) and individual Defendant Timothy Sloan (collectively “Defendants”).

The case is presently pending in the United States District Court for the Northern District of California (the "Court") before the Honorable James Donato.

If you purchased or otherwise acquired shares of common stock of Wells Fargo during the period from November 3, 2016 through August 3, 2017, inclusive (the “Class Period”), this lawsuit may affect your legal rights to sue Defendants now and in the future.

Background and Description of the Litigation

The initial complaint in this action was filed in the United States District Court for the Southern District of New York on February 16, 2018. After Construction Laborers was appointed “Lead Plaintiff” by that Court, the case was transferred to the Northern District of California, where Construction Laborers filed a Consolidated Complaint (the “Complaint”) on August 31, 2018. The Complaint alleges that Defendants knowingly concealed and made false statements about Collateral Protection Insurance and Guaranteed Asset Protection insurance during the Class Period, allegedly in violation of the Securities Exchange Act of 1934. The Complaint further alleges that the omissions and false and misleading statements artificially inflated the price of Wells Fargo’s common stock and that, when Defendants disclosed the true facts, Wells Fargo’s stock price dropped.

Defendants moved to dismiss the Complaint on November 2, 2018. On January 10, 2020, the Court issued an order granting in part and denying in part Defendants’ motion to dismiss.

On October 15, 2020, Construction Laborers filed a motion for class certification. On August 15, 2022, the Court issued an order granting the motion, certifying the Class, appointing the Class Representative, and appointing Class Counsel.

Defendants moved for summary judgment on January 14, 2022. Plaintiff filed an opposition to that motion on February 23, 2022, and Defendants filed their reply in support of their motion for summary judgment on March 25, 2022. Trial is scheduled to commence on February 27, 2023. That date is subject to change.



Additional Information

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency of Class Action (the "Notice") which can be found and downloaded on the Case Documents page of this website. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website. If you have not received a Notice and would like to confirm that you are on the mailing list for further notice mailings in this matter, please contact the Notice Administrator and request that a Notice be sent to you at your current mailing address.

Your Legal Rights and Options

DO NOTHING

Stay in this lawsuit. Await the outcome. Give up certain rights.

By doing nothing, you keep the possibility of sharing in any recovery (monetary or otherwise) that may result from a trial or a settlement. But you give up any right you may have to sue Defendants separately about the same factual circumstances and legal claims being raised in this lawsuit, and you will be bound by the outcome of this case.

ASK TO BE EXCLUDED BY JANUARY 26, 2023

Get out of this lawsuit. Get no benefits from it. Keep your rights.

If you ask to be excluded from this lawsuit you will not be bound by what the Court does in this case and will keep any right you might have to sue Defendants separately about the same factual circumstances and legal claims being raised in this lawsuit. If a recovery is later awarded in this case, you would not share in that recovery.

Important Dates and Deadlines

Request Exclusion  January 26, 2023