The company said the directors' and officers' insurance carriers will pay the Monetary Consideration of $100,000,000 to Wells Fargo on behalf of the individual defendants within 15 calendar days of the Effective Date.

1. 01

   The company said the directors' and officers' insurance carriers will pay the Monetary Consideration of $100,000,000 to Wells Fargo on behalf of the individual defendants within 15 calendar days of the Effective Date.

2. 02

   The company said that on April 19, 2022, plaintiffs in the derivative action alleged that the individual defendants breached their fiduciary duties in connection with alleged mismanagement of, and noncompliance with, a series of regulatory consent orders covering consumer banking practices and the risk management framework.

3. 03

   The company said the settlement hearing will be held on July 24, 2025 at 9 a.m. at the Superior Court of California, County of San Francisco. Wells Fargo agreed to pay plaintiffs' counsel attorneys' fees and expenses of $33,333,333 in the form of Wells Fargo common stock, subject to court approval.

4. 04

   The company said that if the settlement is approved, plaintiffs, Wells Fargo and current shareholders will be deemed to have released the Released Claims, and that the release does not include direct claims by individual shareholders. The deadline to file written notice of intention to appear at the hearing is July 17, 2025.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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