Head over to Wellsfargosecuritieslendinglitigation.com to know each and every detail about Wells Fargo Lending Litigation Settlement risky securities lending program.
Wells Fargo Bank NA has agreed to pay $62.5 million for ending a class action lawsuit filed in 2010 over securities lending. $62.5 million is one of the biggest settlement amounts in a securities lending class action. All the class members will get cash benefits or credit toward the payment of cash from Wells Fargo Lending Litigation Settlement once the court approves the Settlement. Class members don't have to submit a claim form or do anything for getting compensation. They will get the benefits on their own.
The City of Farmington Hills Employees Retirement System filed a lawsuit against the Wells Fargo one behalf of about 100 institutional investors claiming the bank misguided investors by promoting a risky securities lending program as safe. Thus, it breached its fiduciary duty and violated the Minnesota Prevention of Consumer Fraud Act. As a result of this, the plaintiffs suffered losses.
The Bank denies these claims but settled the lawsuit to avoid further expenses. All the customers of Wells Fargo Bank, N.A.'s securities lending program since January 1, 2006 to the present who suffered losses due to the Program's purchase and maintenance are the class members of the settlement. Wells Fargo will provide cash payments to exited Wells Fargo’s Securities Lending Program customers and credit toward the payment of cash to the Class Members who have not exited Wells Fargo’s Securities Lending Program.
The settlement benefits will be provided on the basis of the class member’s tax status and treatment of their investments. The final hearing of the case is on August 14, 2014.
Claim form: Not required
Final Hearing: August 14, 2014
Class Counsel:
Peter A. Binkow
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
E. Powell Miller
The Miller Law Firm, P.C.
950 W. University Drive, Suite 300
Rochester, MI 48307
Wells Fargo Bank NA has agreed to pay $62.5 million for ending a class action lawsuit filed in 2010 over securities lending. $62.5 million is one of the biggest settlement amounts in a securities lending class action. All the class members will get cash benefits or credit toward the payment of cash from Wells Fargo Lending Litigation Settlement once the court approves the Settlement. Class members don't have to submit a claim form or do anything for getting compensation. They will get the benefits on their own.
The City of Farmington Hills Employees Retirement System filed a lawsuit against the Wells Fargo one behalf of about 100 institutional investors claiming the bank misguided investors by promoting a risky securities lending program as safe. Thus, it breached its fiduciary duty and violated the Minnesota Prevention of Consumer Fraud Act. As a result of this, the plaintiffs suffered losses.
The Bank denies these claims but settled the lawsuit to avoid further expenses. All the customers of Wells Fargo Bank, N.A.'s securities lending program since January 1, 2006 to the present who suffered losses due to the Program's purchase and maintenance are the class members of the settlement. Wells Fargo will provide cash payments to exited Wells Fargo’s Securities Lending Program customers and credit toward the payment of cash to the Class Members who have not exited Wells Fargo’s Securities Lending Program.
The settlement benefits will be provided on the basis of the class member’s tax status and treatment of their investments. The final hearing of the case is on August 14, 2014.
Highlights of Wells Fargo Securities Lending Litigation Settlement
Website of Settlement: Wellsfargosecuritieslendinglitigation.comClaim form: Not required
Final Hearing: August 14, 2014
Class Counsel:
Peter A. Binkow
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
E. Powell Miller
The Miller Law Firm, P.C.
950 W. University Drive, Suite 300
Rochester, MI 48307
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