The information contained on this web page is only a summary of the information presented in more detail in the Notice of (I) Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (“Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
Please be advised that The Court-appointed Class Representatives SEB Investment Management AB and West Palm Beach Firefighters’ Pension Fund (together, “Plaintiffs”), on behalf of themselves and the Class, and defendants Wells Fargo, Charles W. Scharf, Kleber R. Santos, and Carly Sanchez (collectively, “Defendants”) have agreed to settle the Action for $85,000,000 in cash. The Court preliminarily approved the Settlement by Order dated November 13, 2025.
If you are a member of the Class, you are subject to the Settlement unless you are excluded from the Class as set forth below. The Class certified by the Court pursuant to Order dated April 25, 2025 consists of:
All persons and entities who purchased or otherwise acquired Wells Fargo common stock between February 24, 2021 and June 9, 2022, inclusive, and were damaged thereby.
Excluded from the Class are Defendants and their families, the officers, directors, and affiliates of Defendants, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are any persons and entities that submitted a request for exclusion in connection with Class Notice as set forth on Appendix 1 to the Stipulation and that do not opt back into the Class in accordance with the instructions set forth in ¶ 53 of the Notice.
If you are a Class member, your legal rights will be affected whether you act or do not act.
Please read the Notice carefully to fully understand your rights and options.
If you are a member of the Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form, with the required supporting documentation, postmarked (if mailed) or online via this website, no later than April 14, 2016.
Payments to eligible claimants will be made only after approval of the Settlement and the completion of all claims processing. Please be patient, as this process will take some time to complete.
If you have questions, you may call (866) 905-8128 or email info@WellsFargoSecuritiesAction.com.
Please read the Notice carefully.
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SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN APRIL 14, 2026. |
This is the only way to be eligible to receive a payment from the Settlement. If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 32 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 33 of the Notice), so it is in your interest to submit a Claim Form. |
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OPT BACK INTO THE CLASS IF YOU PREVIOUSLY EXCLUDED YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST TO OPT BACK INTO THE CLASS SO THAT IT IS RECEIVED NO LATER THAN APRIL 14, 2026. |
If you previously submitted a request for exclusion from the Class in connection with Class Notice and now want to be part of the Class so that you can submit a Claim and be eligible to receive a payment from the Settlement, you must follow the steps for “Opting Back Into the Class” as set forth in ¶¶ 51-55 of the Notice. If you previously submitted a request for exclusion from the Class in connection with Class Notice and wish to remain excluded from the Class, no further action is necessary. |
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS FILED OR POSTMARKED NO LATER THAN APRIL 14, 2026. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel’s request for attorneys’ fees and Litigation Expenses, you may object by writing to the Court (as described in ¶¶ 59-63 of the Notice). In order to object, you must be a member of the Class. |
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GO TO A HEARING ON MAY 5, 2026 AT 2:00 P.M. PACIFIC TIME. |
Ask to speak in Court at the Settlement Hearing, at the discretion of the Court, about the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel’s request for attorneys’ fees and Litigation Expenses. In order to appear at the Settlement Hearing, you will need to file a Notice of Intention to Appear so that it is received no later than April 14, 2026. |
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DO NOTHING. |
Get no payment from the Settlement. You will, however, remain a member of the Class, which means that you give up any right you may have to sue about the claims that are being resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
What is this Case About?
This is a securities class action against Defendants for alleged violations of the federal securities laws. Plaintiffs alleged that Defendants made materially false and misleading statements and omissions regarding the Company’s diversity hiring initiative, the Diverse Search Requirement. For example, in the Company’s 2020 Annual Report released on February 23, 2021, in a section titled, “Diversity, Equity, and Inclusion” Defendants stated, “[i]n the U.S., we are requiring a diverse slate of candidates – and a diverse interview team – for most roles with total direct compensation of more than $100,000 per year.” Plaintiffs further alleged that this and other statements concerning the Diverse Search Requirement were false or materially misleading when made because Defendants failed to disclose that they were managing and operating the Diverse Search Requirement in a manner that led to widespread “fake” interviews of diverse candidates. Plaintiffs allege that the fact Wells Fargo was conducting widespread fake or sham interviews of diverse candidates under the policy was disclosed by The New York Times on June 9, 2022, and caused shareholder losses. Defendants deny all of the allegations of wrongdoing asserted in the Action and deny any liability whatsoever to any member of the Class.
The Settlement Hearing
The Settlement Hearing will be held on May 5, 2026 at 2:00 p.m. Pacific Time, before the Honorable Trina L. Thompson, United States District Judge for the Northern District of California.
Further Information:
For more details regarding this case or the proposed Settlement, please reference the documents posted under the “Court Documents” section at the top of this website. You may also contact the Claims Administrator or Class Counsel for further information regarding this case. Contact information for the Claims Administrator and Class Counsel can be found under the “Contact Us” section at the top of this website.