SEB Investment Mgm’t AB v. Wells Fargo & Company

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Class Action (“Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Class member, your legal rights will be affected by this Action whether you act or do not act.

Please read the Notice carefully.

THE COURT-CERTIFIED CLASS CONSISTS OF: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED WELLS FARGO & COMPANY COMMON STOCK BETWEEN FEBRUARY 24, 2021 AND JUNE 9, 20022, INCLUSIVE, AND WERE DAMAGED THEREBY.

Excluded from the Class are Defendants and their families, the officers, directors, and affiliated 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.

What is this Action about?

The Action alleges that Defendants violated the federal securities laws by making materially false and misleading statements and omissions regarding the Company’s diversity hiring initiative, the Diverse Search Requirement. For example, in Wells Fargo & 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 allege 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 the claims and wrongdoing asserted, as well as any liability arising out of the conduct alleged in the Action.

No court has made a ruling on the merits of Class Representatives' allegations or on Defendants' denials and defenses. By certifying the Class and ordering the issuance of notice to the Class, the Court is not expressing an opinion as to the merits of Plaintiffs' allegations or of Defendants' denials or defenses. 

There is no judgement, settlement, or monetary recovery at this time, and there is no assurance that a judgement in favor of the Class will be granted or that the Court will award the Class a monetary recovery. 

Remaining a Class Member

If you choose to remain a member of the class, you will be bound by all past, present, and future orders and judgments in the Action, whether favorable or unfavorable to you. If any money is awarded to the Class, either through a settlement with Defendants or a judgment of the Court after a trial and post-trial appeals, you may be eligible to receive a share of that award. However, if you remain a member of the Class, you may not pursue a lawsuit on your own behalf with regard to any of the issues in the Action. Pursuant to Rule 23(e)(4), it is within the Court’s discretion whether to allow a second opportunity to request exclusion from the Class if there is a settlement. Please note that if you remain a member of the Class, you will not be personally responsible for Class Counsel’s attorneys’ fees or costs. Class Counsel have agreed to represent the Class on a contingent fee basis, which means that they will be awarded fees and costs, as approved by the Court, only if they succeed in obtaining a recovery from one or more Defendants. Any attorneys’ fees and costs for Class Counsel will be awarded by the Court from the settlement or judgment, if any, obtained on behalf of the Class. As a member of the Class, you will be represented by Class Counsel. Alternatively, you may remain a member of the Class and elect to be represented by counsel of your own choosing. If you do retain separate counsel, you will be responsible for that attorney’s fees and expenses and that attorney must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the address set forth in paragraph 26 of the Notice on or before September 30, 2025.

Exclusion from the Class

If you choose to be excluded from the Class, you will not be bound by any orders or judgments in the Action, nor will you be eligible to share in any recovery that might be obtained in the Action. You will retain any right you have to individually pursue any legal rights that you may have against any Defendants with respect to the claims asserted in the Action and Defendants retain all of their defenses to your claims. Please note, if you decide to exclude yourself from the Class, you may be time-barred from asserting all or a portion of the claims covered by the Action. Class Counsel offers no advice and no opinion on whether you will be able to maintain such claims. Please refer to paragraphs 22-25 of the Notice if you would like to request exclusion from the Class.

Further Information:

For more details regarding this case, please reference the documents posted under the “Court Documents” section at the top of this website. You may also contact the Administrator or Class Counsel for further information regarding this case.

Administrator:
SEB Investment Mgm’t AB v. Wells Fargo & Company
c/o A.B. Data, Ltd.
P.O. Box 173025
Milwaukee, WI 53217

Email: info@WellsFargoSecuritiesAction.com
Phone Number: (866) 905-8128

Class Counsel:
KESSLER TOPAZ MELTZER & CHECK, LLP

Sharan Nirmul, Esq.
280 King of Prussia Road
Radnor, PA 19087
Telephone: (610) 667-7706
- or -
Jennifer L. Joost, Esq.
One Sansome Street, Suite 1850
San Francisco, CA 94104
Telephone: (415) 400-3000

Email: info@ktmc.com
Website: www.ktmc.com