Wells Fargo Settlement
Settlement of Purple Mountain Trust v. Wells Fargo & Company, et al.
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of California. The settlement provides for the payment of $300 million for the benefit of eligible Class Members. Lead Plaintiff Construction Laborers Pension Trust for Southern California alleged 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 & Company (“Wells Fargo”) stock to trade at artificially inflated prices.
The Class consists of all Persons and entities who purchased or otherwise acquired the common stock of Wells Fargo during the period from November 3, 2016 through August 3, 2017, inclusive, and were damaged thereby. Excluded from the Class are Defendants, present or former executive officers of Wells Fargo and their immediate family members (as defined in 17 C.F.R. §229.404, Instructions (1)(a)(iii) and (1)(b)(ii)). Notwithstanding the foregoing exclusions, no Investment Vehicle shall be excluded from the Settlement Class.
The settlement was approved by the Court on September 26, 2023.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.