SETTLED
Purple Mountain Trust v. Wells Fargo & Company et al
FILING DEADLINES:
($300,000,000 Wells Fargo & Company)
CASE NUMBER:
3:18-cv-03948
CLASS PERIOD:
November 3, 2016 — August 3, 2017
TOTAL SETTLEMENT FUND:
$300,000,000.00
SETTLING DEFENDANTS
Wells Fargo & Company
ELIGIBLE CLASS
All persons other than Defendants who purchased or otherwise acquired common shares of Wells Fargo between November 3, 2016 and August 3, 2017.
ELIGIBLE INSTRUMENTS
Wells Fargo & Company publicly traded securities.
Preliminary Allegations
The complaint alleges that Defendants failed to disclose illicit insurance practices. Specifically, Defendants failed to disclose that they were made aware of the illicit practices in the summer of 2016, where a 60-page report concluded that the Company had illegally charged more than 800,000 customers for unwanted and unneeded automobile insurance for more than a decade.
Case Summary
Class action on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired common shares of Wells Fargo between November 3, 2016 and August 3, 2017, both dates inclusive, pursuant to sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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Case UpdatesNovember 3, 2016 Alert: Defendants Sloan and Mack presented at the BancAnalysts Association of Boston Conference. Additionally, Wells Fargo filed with the SEC its quarterly report on Form 10-Q for the third quarter of 2016. July 27, 2017 News: “Wells Fargo Forced Unwanted Auto Insurance on Borrowers” More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank’s executives. August 4, 2017
Alert: Wells Fargo filed a Form 10-Q with the SEC, disclosing the full scope of the Company’s illegal and secretive automobile insurance practices. |
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Next Steps#Investors who purchased the #stock from November 3, 2016 through August 3, 2017, should contact Battea Class Action Services today. |
BRIEF COMPANY PROFILE
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.