Welcome to the Wells Fargo 2018 Securities Litigation Website
This website has been established to provide general information related to the proposed settlement of the case known as Purple Mountain Tr. v. Wells Fargo & Co., et al., Case No. 3:18-cv-03948-JD, pending before the United States District Court for the Northern District of California (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated February 6, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or acquired the common stock of Wells Fargo & Company (“Wells Fargo”) from November 3, 2016 through August 3, 2017, inclusive (the “Class Period”).
The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent th Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), Lead Plaintiff filed its Consolidated Complaint for Violation of the Federal Securities Laws on August 31, 2018. Lead Plaintiff alleges that during the period from November 3, 2016 through August 3, 2017, Defendants made materially false or misleading statements in violation of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, which caused the price of Wells Fargo stock to trade at artificially inflated prices.
In the course of the Action, the Settling Parties engaged the services of the Honorable Layn R. Phillips (Ret.), a nationally recognized mediator. The Settling Parties engaged in settlement discussions with Judge Phillips on multiple occasions and ultimately an agreement was reached to settle the Action for $300 million.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will result in the creation of a cash settlement fund of $300,000,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. 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.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| DO NOTHING |
Get no payment. Remain a Class Member. Give up your rights.
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| REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED OR SUBMITTED ONLINE NO LATER THAN AUGUST 21, 2023 |
This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a claim form (the “Claim Form” or “Proof of Claim Form”), postmarked or submitted online no later than August 21, 2023.
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| OBJECT TO THE SETTLEMENT SO THAT IT IS FILED OR POSTMARKED NO LATER THAN JULY 27, 2023 |
Write to the Court about your view on the Settlement, or why you do not think the Settlement is fair to the Class.
If you did not exclude yourself from the Class by January 26, 2023, you may object to the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You must still submit a Claim Form in order to be potentially eligible to receive any money from the Settlement Fund.
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| GO TO THE HEARING ON AUGUST 17, 2023, AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS FILED OR POSTMARKED NO LATER THAN JULY 27, 2023 |
Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses.
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IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
August 21, 2023 |
| File Objection: |
July 27, 2023 |
| File Notice of Intention to Appear: |
July 27, 2023 |
| Settlement Hearing: |
August 17, 2023, at 10:00 a.m. |