Wells Fargo ESOP Settlement
Share of Net Settlement Fund based on Plan of Allocation after Court-approved deductions, settlement administration expenses, and attorneys' fees
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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.
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