"Wells Fargo Shareholders Move for Class Certification in Consent Order Compliance Lawsuit," Law|Street
October 05, 2022
The lead plaintiffs in securities litigation involving Wells Fargo & Company filed a motion for class certification on Monday in the Southern District of New York. Specifically, the motion seeks class certification, appointment of the lead plaintiffs as class representatives, and appointment of Bernstein Litowitz and Cohen Milstein as class counsel.
The suit alleges that the defendants’ made “misstatements to investors concerning Wells Fargo’s purported compliance with three consent orders that the Bank was required to enter into… to rectify systemic and egregious corporate mismanagement and fraud.” The plaintiffs assert that the deceptive conduct committed by Wells Fargo harmed both them and the class, making class certification the best way to rectify the claims.