On April 20, 2026, the U.S. District Court for Minnesota granted final approval to the $84 million settlement with all Defendants in Randall, et al. v. GreatBanc Trust Co., et al. The settlement provides substantial compensation for the participants in the Wells Fargo ESOP and is the largest settlement to date of a class action lawsuit brought by private parties alleging ERISA claims involving an ESOP. Plaintiffs alleged that Wells Fargo improperly used dividends paid on the ESOP’s preferred stock to offset its employer contributions to the Wells Fargo 401(k) Plan. For more information about this case, please contact Dan Feinberg or Todd Jackson.
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