This website provides information regarding the action styled The City of Farmington Hills Employees Retirement System v. Wells Fargo Bank, N.A., Civil No. 10-4372 DWF/JJG (United States District Court, District of Minnesota) (the "Action").
The Court has certified the Class and defined it as follows:
"All participants in Defendant Wells Fargo Bank, N.A.'s securities lending program (the 'Program') from any time in the period January 1, 2006 to the present who suffered losses due to the Program's purchase and maintenance of high risk, long-term securities which did not exclude itself by submitting a timely Exclusion Request Form."
The Class's claims are for breaches of fiduciary duty, breaches of contract, and violations of the Minnesota Prevention of Consumer Fraud Act (Minn. Stat. § 325F.69) and a claim for punitive damages pursuant to Minn. Stat. §§ 549.191 and 549.20.
Further information regarding the Class, the Action, and your options may be obtained by: contacting Class Counsel (please see the "Parties" tab for contact information); reviewing this website; or calling the following toll-free number maintained by the Settlement Administrator: 1 (888) 404-8013.
Your legal rights are affected whether you act or don't act, so please review this information carefully.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT|
|IF YOU HAVE ALREADY EXITED THE WELLS FARGO SECURITIES LENDING PROGRAM, YOU DO NOT NEED TO TAKE FURTHER ACTION TO PARTICIPATE IN THE SETTLEMENT AND RECEIVE A PAYMENT||If you have already exited the Wells Fargo Securities Lending Program and the Settlement is approved, you do not need to take any further action to receive your payment. You will receive a payment in the form of cash from the Net Settlement Fund. The portion of the Net Settlement Fund to which you are entitled will be calculated as part of the administration of the Settlement.|
|WELLS FARGO IS EXERCISING ITS RIGHT TO TERMINATE THE SECURITIES LENDING PROGRAM. IF YOU HAVE NOT ALREADY EXITED THE WELLS FARGO SECURITIES LENDING PROGRAM, YOU WILL RECEIVE AN OFFSET AGAINST THE CAPITAL CONTRIBUTION YOU ARE REQUIRED TO MAKE UPON EXITING THE PROGRAM||Regardless of whether the Settlement is approved, Wells Fargo intends to terminate the Securities Lending Program in 2015. Therefore, if you have not already exited the Wells Fargo Securities Lending Program, through the Settlement you will receive a benefit in the form of an offset against the amount you would otherwise be required to pay to exit the Program. The Settlement Agreement sets forth the procedures for exiting the Wells Fargo Securities Lending Program, and requires that you exit the Program within six months after Final Approval. For Class Members who have not previously exited the Wells Fargo Securities Lending Program, the amount of the Net Settlement Fund to which you are entitled shall be applied to offset the amount of your required capital contribution to exit Wells Fargo’s Securities Lending Program. If you are entitled to an amount of the Net Settlement Fund that exceeds the amount of your required capital contribution to exit Wells Fargo’s Securities Lending Program, you will receive that excess amount in the form of a cash payment.|
|YOU CAN OBJECT (WHICH MUST BE FILED NO LATER THAN JULY 24, 2014)||If you wish to object to any part of the Settlement, you can write to the Court and counsel and explain why you do not like the Settlement.|
|YOU CAN GO TO THE HEARING(AUGUST 14, 2014 AT 9:00 A.M.)||If you have submitted a timely, written objection to the Court and counsel, as explained below, you can ask to speak in Court about the fairness of the Settlement.|
|IF YOU DO NOTHING||If you do nothing and the Court approves the Settlement, you will be subject to and bound by all applicable terms of the Settlement.|
|July 24, 2014||Objection Deadline
(filed and received)
|August 14, 2014
at 9:00 a.m.
|Final Approval Hearing