Wells Fargo settles class action for $62.5 million
19 August 2014 Michigan
Image: Shutterstock
The US District Court, District of Minnesota has granted final approval of a $62.5 million settlement in a class action against Wells Fargo Bank on behalf of participants in the bank’s securities lending programme.
The Miller Law Firm, led by Powell Miller and Sharon Almonrode, and Glancy Binkow, led by Peter Binkow and Kevin Ruf, served as co-lead counsel.
The total settlement amount is among the largest recoveries achieved in a securities lending class action stemming from the 2008 financial crisis.
The settlement was achieved on the courthouse steps the weekend before a jury trial was scheduled to commence.
Previously, in the same court, Wells Fargo prevailed in a six-week jury trial in a case brought by other plaintiffs alleging substantially the same violations against the bank.
Miller stated: “Wells Fargo had prevailed on a similar case just last year, but we were not about to back down. This settlement represents an outstanding result for the pensions and other investors.”
“Our success was only possible after years of hard-fought litigation and intense trial preparation.”
The settlement proceeds will be shared by a class of approximately 100 pension funds, corporations, insurance companies and others that participated in Wells Fargo’s securities lending programme from 1 January 2006 to the present day.
The City of Farmington Hills Employees Retirement System, the board of trustees of the Arizona State Carpenters Pension Trust Fund and the Arizona State Carpenters Defined Contribution Trust Fund served as court appointed class representatives.
Binkow commented: “We are pleased to have achieved a significant recovery for the class members and gratified that the court agrees and has approved the settlement."
Miller Law attorneys Jayson Blake, Christopher Kaye, Ryan Jarnagin, and Glancy Binkow attorneys Kara Wolke, Leanne Heine, and Casey Sadler, also represented the plaintiffs.
The Miller Law Firm, led by Powell Miller and Sharon Almonrode, and Glancy Binkow, led by Peter Binkow and Kevin Ruf, served as co-lead counsel.
The total settlement amount is among the largest recoveries achieved in a securities lending class action stemming from the 2008 financial crisis.
The settlement was achieved on the courthouse steps the weekend before a jury trial was scheduled to commence.
Previously, in the same court, Wells Fargo prevailed in a six-week jury trial in a case brought by other plaintiffs alleging substantially the same violations against the bank.
Miller stated: “Wells Fargo had prevailed on a similar case just last year, but we were not about to back down. This settlement represents an outstanding result for the pensions and other investors.”
“Our success was only possible after years of hard-fought litigation and intense trial preparation.”
The settlement proceeds will be shared by a class of approximately 100 pension funds, corporations, insurance companies and others that participated in Wells Fargo’s securities lending programme from 1 January 2006 to the present day.
The City of Farmington Hills Employees Retirement System, the board of trustees of the Arizona State Carpenters Pension Trust Fund and the Arizona State Carpenters Defined Contribution Trust Fund served as court appointed class representatives.
Binkow commented: “We are pleased to have achieved a significant recovery for the class members and gratified that the court agrees and has approved the settlement."
Miller Law attorneys Jayson Blake, Christopher Kaye, Ryan Jarnagin, and Glancy Binkow attorneys Kara Wolke, Leanne Heine, and Casey Sadler, also represented the plaintiffs.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
