Allegation language only. The following describes claims made in public filings or reporting. No defendant is described as guilty or liable unless a court has so found. Settled matters resolved without an admission of liability.
What the lawsuit alleges
Randall v. GreatBanc alleged Wells Fargo improperly used ESOP preferred-stock dividends to offset employer 401(k) contributions, with trustee GreatBanc as co-fiduciary. Reported $84 million settlement (final approval 2026). Separately, the U.S. DOL recovered more than $131.8 million plus a penalty in 2022 over the plan's purchase of company preferred stock.
Who may be affected
Current and former participants and beneficiaries of the Wells Fargo ESOP ESOP plan during the relevant class period. Eligibility depends on the plan, role, and dates of participation — request a free review to confirm.
Case status & source
Status: Settled (2026) · Reported amount: $84M.
- Primary source pending — attach the verified public link (court filing, DOL release, or reputable outlet) before publishing.
Related practice area
ESOP plan litigation overview · All plan & employer lawsuits
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