Wells Fargo ESOP Settlement
Share of Net Settlement Fund based on Plan of Allocation after Court-approved deductions, settlement administration expenses, and attorneys' fees
This settlement is closed to new claims. You can still see what it was about and follow the case in court below. Looking for money you can still claim? Browse open settlements →
What happened
Wells Fargo allegedly unlawfully used dividends from Wells Fargo Preferred Stock held in the ESOP to offset employer contributions to the plan, and GreatBanc, as independent fiduciary, allegedly knowingly participated in these violations and failed to remedy them. The lawsuit alleges breaches of fiduciary duties and prohibited transactions under ERISA. Defendants deny all allegations of wrongdoing.
Do you qualify?
All participants in the Wells Fargo & Co. 401(k) Plan from September 27, 2016, to December 30, 2022, who held any portion of their Plan accounts in the Wells Fargo ESOP Fund during that period. Excluded are individual Defendants, their beneficiaries and families, and Wells Fargo officers and directors.
How to file
If your plan account is active (positive balance), you will automatically receive your share as a direct deposit to your plan account. If you withdrew your balance, you will receive your share via check by mail unless you elect a rollover to a qualified plan or IRA. Settlement distributions are anticipated in July 2026.
Common questions
- How much does the Wells Fargo ESOP Settlement pay?
- Estimated payout: Share of Net Settlement Fund based on Plan of Allocation after Court-approved deductions, settlement administration expenses, and attorneys' fees. The total settlement fund is $84M. Actual amounts depend on how many valid claims are filed — most settlements divide a fixed fund pro rata, so a higher claim rate means a smaller individual check. An "up to" figure is a cap, not a guarantee.
- Do I need proof of purchase for the Wells Fargo ESOP Settlement?
- No. You can file without a receipt or proof of purchase. You attest that you qualify and submit basic details, though claims are still subject to review and submitting a false claim is a crime.
- Is the Wells Fargo ESOP Settlement notice real, or a scam?
- Settlement Administrator is the settlement administrator for this case. Claims are filed at wellsfargoesopsettlement.com. Filing a class action claim is always free — no legitimate settlement charges you to claim, and no administrator will ask for payment, a gift card, or your full Social Security number by email or text. If a notice asks for any of those, it is not from the administrator. When in doubt, ignore the link you were sent and go to the official settlement website directly.
- When will payments from the Wells Fargo ESOP Settlement be sent?
- Class action payouts typically take 12 to 24 months after the claim deadline, and longer if the settlement is appealed. The final approval hearing for this case is set for March 17, 2026; no payments can be issued before a settlement receives final approval.
In the news
- Wells Fargo (WFC), HSBC to Use Blockchain Solution for FX DealsZacks.com · December 14, 2021
- Wells Fargo reaches $3bn fake accounts settlementBBC News · February 21, 2020
- Get the Money Wells Fargo Owes You Before the Claim Deadline PassesLifehacker.com · May 7, 2018
- Navajo Nation sues Wells FargoCNN · December 13, 2017
Headlines via NewsAPI. ClaimWatch isn't affiliated with these publications.
New to class actions?
This summary was generated from public settlement documents and may contain errors. Confirm eligibility, deadlines, and payment terms on the official settlement website before filing. ClaimWatch is not a law firm and this is not legal advice. Filing a claim is free.
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