The Miller Law Firm, P.C. is pleased to announce that the United States District Court, District of Minnesota 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 program. 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 literally achieved on the courthouse steps the weekend before a jury trial was scheduled to commence. E. Powell Miller stated that, “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 who participated in Wells Fargo Bank’s securities lending program from January 1, 2006 to present. The City of Farmington Hills Employees Retirement System v. Wells Fargo Bank, N.A., Civil No. 10-4372 DWF/JJG. Click here for more information.
Published on: August 18, 2014