Wells Fargo: Securities Class-Action Settlement Approved by Court
SAN FRANCISCO--(BUSINESS WIRE)--Dec 19, 2018--Wells Fargo & Company (NYSE: WFC) today announced that it has received final court approval of an agreement to resolve a previously disclosed consolidated securities class-action in the United States District Court for the Northern District of California ( Hefler v. Wells Fargo ) alleging certain misstatements and omissions in the company’s disclosures related to sales practices maters.
Wells Fargo is pleased the case has received final approval by the court. The company remains focused on rebuilding trust and transforming into the most customer-focused, efficient, and innovative Wells Fargo ever, for all of its stakeholders.
The $480-million settlement agreement provides for payment of class member claims. The settlement class consists of all persons and entities who purchased Wells Fargo & Company common stock from Feb. 26, 2014 through Sept. 20, 2016.
The claims filing period for the settlement will remain open for eligible class members to submit claims through Jan. 23, 2019 online at www.wellsfargosecuritieslitigation.com, or by calling 855-349-6457. After the claims filing period ends, the settlement administrator will complete the process of determining the recovery amount for class member shareholders before making payments to eligible class members.
The settlement amount was fully accrued as of March 31, 2018 and has been paid into a settlement escrow. The company has denied the claims and allegations in the action and entered into the settlement agreement to avoid the cost and disruption of further litigation.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, available on its website at www.sec.gov.
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SOURCE: Wells Fargo & Company
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PUB: 12/19/2018 12:30 PM/DISC: 12/19/2018 12:30 PM