Information: wfesopsettlement.com
- 8 million to current and former participants by EOY 2022
- 2 million to DoL as a penalty
20 replies (most recent on top)
Woof….they’re using Rust to get those funds out. Hope no one has moved in the past 2yrs, your check will be in limbo.
Lawyers will get the money.
Leadership will get bonuses and raises.
We will get more mandatory training.
Shakespeare was right concerning lawyers. 🙂
When the lawyers get done in these class action cases, there is little left for those impacted.
The site that the OP references doesn't provide any information, just like the e-mail from HR...useless...and inaccurate. The penalty paid was 13.2 million, see here https://www.dol.gov/newsroom/releases/ebsa/ebsa20220912 for more, though still not complete, details. The summary is that WF was overpaying for preferred stock that it then converted to common shares (at a lower value), but they also kept the interest earned on the preferred stock bought with participant money.....hmm you would think triple damages would apply.
The monies received by us will be similar to the chump change one gets from a class action. But I will add, in favor of Corporate, Wells has agreed to pay but does not admit fault and does not agree with the decision. So who knows what really happened.
You think we're getting a check out of this? Right. All we're getting is another Learning Center module.
Scumbags
So that's about $500 per participant. LOL
Ain nobody gonna give us nothing
Nothing ever changes with this bank. Evil and toxic to the core.
@gjh+1iG0g9Eq, those folks are joking, because we all assume the amount will be a pittance.
Wells Fargo ripping off their own employees. Wonder how many other ways they are getting in to our knickers????
where are you finding settlement dollars per recipient?
I guess the lawyers get all of our invested money…..
I'm going to send my $3.75 to Ukraine with the rest of our money.
It might be enough to get some zesty ranch corn puffs or loaded tots.
Yeah, gonna be sweet to get the sub-$10 settlement.
That’s what happens when you don’t keep your nose clean. You end up on the S**t list for a very long time and everything you do is scrutinized. I recall a nice big pay out years ago when there was scrutiny over exempt versus non-exempt roles. HR came to us and asked us how much overtime we may have worked between two time periods. Whatever number we gave them, management approved. I recall I got a whole year of pay in one lump sum payout. That was a good year.
I feel a lambo down payment coming. What are you going to do with your $3.75 settlement check?