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WFC.US

id: 1743

Wells Fargo ($WFC) Investor Settlement

Late claims are being considered for compensation, subject to approval.

$85,000,000

Cash Settlement

N.D. California

Court

3:22-cv-03811

Case number

02/24/2021

Class period Start

06/09/2022

Class period End

04/14/2026

Claim deadline

Wells Fargo ($WFC) has reached a settlement with investors over claims that it misled them about its diversity hiring practices and internal controls.

Outline:

Wells Fargo promoted its Diverse Search Requirement as part of its efforts to improve diversity in hiring. Investors later alleged the bank failed to disclose that some interviews with diverse candidates were conducted for roles that had already been filled. Reports and investigations raised questions about how the policy was implemented. After the stock declined and investors filed suit, Wells Fargo later agreed to a settlement.

Timeline:
February 24, 2021: Wells Fargo filed its annual report promoting its Diverse Search Requirement policy.
May 19, 2022: A New York Times report described employees conducting interviews with minority candidates for roles that had already been filled.
June 6, 2022: Wells Fargo received a criminal subpoena related to its hiring practices.
June 9, 2022: Reports of government investigations became public and $WFC fell more than 10% over two days.
September 2025: Wells Fargo agreed to a settlement to resolve the claims.
Background:

Wells Fargo publicly promoted its Diverse Search Requirement policy as part of its efforts to improve diversity and representation in hiring. The policy stated that a significant portion of interview candidates for certain roles would include women or minorities.

In May 2022, a New York Times investigation reported that some employees were asked to interview diverse candidates for positions that had already been promised to other applicants. The report suggested the practice allowed the bank to meet internal diversity requirements without changing hiring outcomes.

Following the report, federal authorities began examining the bank’s hiring practices. The disclosures raised questions about whether Wells Fargo had accurately represented how its diversity initiatives were implemented.

After the news and related investigations became public, $WFC declined and investors alleged the company misled the market about its hiring practices and internal controls. Wells Fargo later agreed to resolve the claims through a settlement.

What Can Investors Expect Now?

Wells Fargo has reached a settlement with $WFC investors to resolve claims tied to statements about its diversity hiring practices and internal controls.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.

Case Type

US Securities Class Action

Case Status

Accepting Late Claims

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Fraud,

Failure to Disclose

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.056

Filing date

06/28/2022

Plaintiffs

SEB Investment Management AB

Attorneys

Kessler Topaz Meltzer & Check, LLP

Defendants

Charles W. Scharf; Kleber R. Santos

Administrator

A.B. Data Ltd

Court hearing date

05/05/2026

Objection deadline

04/14/2026

Attorney fee

$24,750,000

Trades matching type

FIFO

Frequently Asked Questions

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